The 11-building property on a 24-acre site at 5200 NW 31st Ave. was completed in 1987 and renovated in 2004. Jamie May, chairman and CEO of JBM Realty Advisors, tells GlobeSt.com the average size of units, which include three different floor plans, is 966 sf, and the average rental rate is $971, or $1.01 per sf, per month. He says it is a class B+ asset "in excellent condition" and currently 97% occupied.
May, along with JBM senior directors Eric Ammon and Carlos Berner, were exclusive investment advisors and brokers in marketing the property. "Broward County has had more condo conversion activity than any where in Florida," May says. This property draws residents from a nearby 5.7-million-sf office park, which includes such tenants as Blue Cross Blue Shield of Florida, the headquarters of Bank Atlantic, American Express, Citigroup, Citrix, University of Phoenix and Sportsline.com. It also offers easy access to Interstate 95, the Florida Turnpike, and both the Fort Lauderdale Executive and International Airports.
Units in the two- and three-story structures have private entrances, private patios or balconies, storage rooms, cable TV hookups and other amenities. The property includes a lake and central fountain, and all units have a view of the lake. It is a gated complex with a pool, sundeck, heated Jacuzzi, clubhouse, three barbecue areas, a car care center, 321 surface parking spaces and a natural reserve area. ABBA has not yet determined the selling price of condo units.
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