Sunwood Apartments Sells for $9M

MIAMI-Presidential Sunwood Corp. recently sold Sunwood Apartments here to a local group of investors for $9 million. The new owners plan to convert the 105-unit apartment complex into the same number of condominiums, Lawrence H. Stockton, a senior commercial associate with Abood Wood-Fay Real Estate Group LLC who represented both the buyer and seller in this transaction, tells GlobeSt.com.

Sunwood officials quote the sale prices for the condo units as $135,000 and up. The units will undergo a “substantial rehabilitation and conversion,” Stockton says.

Sunwood Apartments, located at 4600 SW 67th Ave., is well-situated to be a successful condo development. “It’s in a very good section of town,” he says. “It’s on the outskirts of Coral Gables, in a residential single-family subdivision.”

He adds that the complex is in “a very hot condo market,” and that “It’s a good time for condos.” The units are approximately 1,000 sf, with two bedrooms and 1 ½ baths. About half of them are two-story units.

Models are currently being built, and units probably will start selling immediately, he says.