PLANTATION, FL-In a syndicated transaction, New York City-based Falcon Real Estate Investment Co. acquired Carlyle Club Apartments on behalf of a group of Kuwaiti and American investors. The price tag for the 150-unit garden-style rental community is $28.8 million or $192,000 a unit.
The property consists of three-story buildings containing primarily two- and three-bedroom units. It was built in 1997 and has a net rentable area of more than 165,000 sf. Amenities include a clubhouse, pool and on-site laundry facility. At the time of the sale, the complex was 90% leased.
John Nelson, managing director of the San Francisco office of LJ Melody, secured $27 million in funding for the acquisition and conversion of Carlyle into for-sale condos. The lender is CSFB/Column Financial. According to Nelson, "The property is located in the heart of Florida's white-hot residential housing boom." He expects individual units to be priced at between $159 per sf and $293 per sf.
Howard Hallengren, a Falcon principal, says this acquisition is similar to the Aventi deal, referring to the 180-unit Aventi Apartment complex in Aventura. In 2004, Falcon put together a syndicate that paid $40 million to buy that property for condo conversion.
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