SUNRISE, FL-Miami-based Elad Group of Florida LLC, a prolific condo converter, pays AFL-CIO Building Investment Trust $74.1 million for the Park at Sawgrass Mills. New York City-based ING Clarion Investors advised the trust. The 390-unit multifamily rental complex at 1640 NW 128th Dr. consists of 15 three-story buildings on a 17.5-acre site.
The buyer plans to convert the asset, which was built in 1995, into for-sale condos, according to Avery Klann, SVP of Boca Raton-based Apartment Realty Advisors. Klann and Marc deBaptiste, an ARA principal, represented ING Clarion. Elad, which is the South Florida affiliate of Israel-based Elad Group, spoke for itself.
The $190,000-per-unit price "is strong for the Sunrise market," Klann tells GlobeSt.com. "The property is across from Sawgrass Mills Mall and the new Colonnade Outlets at Sawgrass. This area of Sunrise is experiencing explosive growth in new multifamily, retail and office developments."
Klann says the asset is fully occupied, "as are practically all multifamily rentals in South Florida. It's a very tight market." One-quarter of the units are one-bedroom layouts of 809 sf and have a base rent of $1,000 per month. Current base rents in the complex reach to $1,430 per month for three-bedroom units, of which there are 80.
Less than a month ago, Elad paid $91 million for a three-property multifamily portfolio aggregating 476 units in Boca Raton. The price-per-unit nearly parallels this price tag, and that portfolio is also bound for condo conversion. A call to Elad was not returned by deadline.
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