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MIAMI-University Lakes Apartments has purchased Coral Point Townhomes, a luxury rental community in the city, for $35.5 million. The price equals approximately $109,018 per unit, or $120 per sf. The seller of the 326-unit, class A property, in the Fountainebleau submarket of Miami-Dade County, was Coral Point Apartments LP. The property had a 6.24% capitalization rate.

Evan P. Kristol and Still Hunter III, investment specialists in Marcus & Millichap Real Estate Investment Brokerage Co.’s Fort Lauderdale, FL, office and members of the firm’s National Multi Housing Group, had the exclusive listing to market the property for the seller, a locally based private investor. The property was offered for sale for $38 million.

Coral Point Townhomes units range from 650 sf to 978 sf, and monthly rental rates range from $850 to $995. The occupancy at press time was 95%. Documents are now in place for University Lakes Apartments to pursue the property’s conversion to condominiums, a popular route in South Florida.

“This asset provides the buyer the ideal property for conversion to condominiums,” Kristol says in a statement. “It is a turnkey condo-conversion property with an ideal mix of more than 80% two-bedroom townhomes and little deferred maintenance. The community’s amenities, ambiance and curb appeal surpass most other properties in Dade County, which is currently one of the strongest condominium-conversion markets in the country.”

The property was built in 1987 and 1989 and underwent major renovations in 2000. The property consists of 294,232 rentable sf on nearly 9.4 acres with many amenities.

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