HOLLYWOOD, FL-Miami-based GREC Conversions has acquired Waterford Lakes, a 300-unit multifamily rental complex here, for $36.6 million, or $122,000 a unit. The seller is Woodbridge, NJ-based Continental Properties.
The complex is located at 3620 N 56th Ave. and was completed in 1994. According to Jay Massirman, vice chairman of CB Richard Ellis, it was 99% occupied at the time of the sale, and average rental rates are $1.17 per sf, or about $841 a unit. GREC plans to convert the asset to for-sale condos.
Massirman, who heads CBRE's South Florida multihousing group in the Miami office, and Robert Given, first VP in the same group, represented Continental and also secured the buyer. Year-to-date, CBRE's 12-member South Florida multihousing group has closed more than 45 sales transactions totaling $2.1 billion, Massirman says, adding, "the capital sources are tightening the reins."
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