FORT LAUDERDALE, FL—A slew of units at the fractured Heron Pond Condominiums just sold for a pretty penny. Heron Ponds Holdings acquired 79 of the 304 units in the fractured development from Heron Pond Investments for $8.025 million.
CBRE's Calum Weaver and Richard Tarquinio collaborated with Robert Given, Gerard Yetming, and Zachary Sackley to represent the seller. The sale price equals $101,582 per unit or $106 per square foot.
“The 79 units attracted a significant amount of investor interest,” says Weaver, first vice president of CBRE Investment Properties, Multifamily. “We received over 100 confidentiality agreements and 14 offers. The units were virtually fully occupied and provide immediate positive cash flow with the potential to sell individual units at a premium in the future.”
Built in 1989, Heron Pond offers 19 two-story garden-style buildings. The multifamily property's location with visibility on Pines Boulevard is part of what attracted investors. Easy access to major transportation thoroughfares also turned heads. What's more, Heron Ponds is just minutes from South Florida suburban business parks and large employers such as Miramar Park of Commerce, Weston Park of Commerce, Memorial Hospital West, and several regional malls.
“Our team has completed over 40 fractured/bulk condominium sales,” says Weaver. “With condominium sales improving throughout South Florida, the ability for an investor to acquire a bulk amount of condominium units are now few and far between.”
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