Wisperwood Village Development LLC purchased Wisperwood Villagein Kendall for $22.2 million, or $94,500 per unit, on Sept. 29. Theapartment complex, located on 6.3 acres at 9301 S.W. 92nd Ave., has235 units with 197,375 sf of rentable space. The property includes162 one-bedroom, one-bath units and 73 two-bedroom, two-bath units.It was built in 1977 and consists of three four-storybuildings.

The new owners plan to convert Wisperwood Village intocondominiums. "Wisperwood is a prime example of a well-situatedapartment complex that is ideal for conversion to condominiums,"says Brett Chwick, an associate with the Apartment Group, a whollyowned subsidiary of Cushman & Wakefield, who representedJennings Construction Corp. in both transactions. "Low interestrates have fueled consumers' appetite for buying, rather thanrenting, their homes. This trend, in turn, has spurred investors toaggressively snap up apartment buildings that are strong candidatesfor condo conversions."

JoAnne Mitchell, a principal of Wisperwood Village Development,says the company plans to start a $3 million interior and exteriorrenovation of Wisperwood Village right away. "Wisperwood Village isin a superb location," she says. "It is situated in a quiet,affluent neighborhood next to Baptist Hospital and is located justone mile west of Dadeland Mall. We believe we'll see strong demandfrom people who want to live near where they work."