NORTH MIAMI, FL-Plantation, FL-based Advenir has purchased the 144-unit Palm Court Apartments for just under $11.2 million, or about $77,431 per unit, from New York City-based Tarragon Realty Corp. The new owner will convert the 38-year-old rental complex into condominiums.
The asset is located on approximately 4.5 acres at 15205 NE Sixth Ave. and consists of 72 one-bedroom and 72 two-bedroom units, ranging in size from 780 sf to 960 sf. Many units have been renovated, and "it's 100% occupied at rental rates of between $675 and $775 per month," Daniel Draizin, an investment specialist in the Fort Lauderdale office of Marcus & Millichap, tells GlobeSt.com.
Draizin secured the buyer, while Evan Kristol, Victor Nolletti, Steve Witten and Still Hunter III of Marcus & Millichap, represented Tarragon in the sale. Kristol, VP of investments and a senior director of the company's multihousing group, says the vacancy rate in North Miami "is about 3%, one of the lowest in the region."
Advenir owns and operates numerous residential condominiums throughout Florida and more recently has acquired office properties for conversion to office condos. Calls to Advenir were not returned by deadline.
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