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PALM BEACH GARDENS-Locally based Jennings Construction Corp. sold two South Florida apartment communities for a total of $44.4 million–$22.2 million each.

Wisperwood Village Development LLC purchased Wisperwood Village in Kendall for $22.2 million, or $94,500 per unit, on Sept. 29. The apartment complex, located on 6.3 acres at 9301 S.W. 92nd Ave., has 235 units with 197,375 sf of rentable space. The property includes 162 one-bedroom, one-bath units and 73 two-bedroom, two-bath units. It was built in 1977 and consists of three four-story buildings.

The new owners plan to convert Wisperwood Village into condominiums. “Wisperwood is a prime example of a well-situated apartment complex that is ideal for conversion to condominiums,” says Brett Chwick, an associate with the Apartment Group, a wholly owned subsidiary of Cushman & Wakefield, who represented Jennings Construction Corp. in both transactions. “Low interest rates have fueled consumers’ appetite for buying, rather than renting, their homes. This trend, in turn, has spurred investors to aggressively snap up apartment buildings that are strong candidates for condo conversions.”

JoAnne Mitchell, a principal of Wisperwood Village Development, says the company plans to start a $3 million interior and exterior renovation of Wisperwood Village right away. “Wisperwood Village is in a superb location,” she says. “It is situated in a quiet, affluent neighborhood next to Baptist Hospital and is located just one mile west of Dadeland Mall. We believe we’ll see strong demand from people who want to live near where they work.”

Additionally, 1951 Brandywine LLC– a private investor from Chicago–purchased Fairway Vista, a 250-unit luxury apartment complex in West Palm Beach, for $22.2 million, or $88,800 per unit, in an Oct. 2 sale.

Fairway Vista, located at 1951 Brandywine Rd., consists of one-, two- and three-bedroom apartments. The class A apartment complex, finished in 1999, consists of 11 three-story buildings with 246,112 sf of rentable space on 8.7 acres. The complex is located near the CityPlace and Clematis Street entertainment/shopping district.

The buyer plans to capitalize on the property’s strong location and premier status in keeping the property as a rental complex, according to Chwick. The average asking rent at this complex at the sale’s closing was $1,013 per month.

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