Madison paid merchant builder Parkland Development Corp. of BocaRaton $38.4 million, or $100,000 per unit, for the 95%-leased,three-story property at 5443 Vineland Rd. The 55-acre property isclose to Interstate 4 and the Disney theme parks.
The Chicago and Washington, DC offices of Holiday FenoglioFowler LP negotiated the deal for Parkland. HFF senior managingdirector Matthew Lawton and director Dave Nachison represented theseller.
Lawton was not surprised at the premium price paid for theproperty. "The condo conversion market continues to drive thepricing on for-sale rental properties throughout the country,including the Northeast, Southern California, Chicago and theFlorida markets," Lawton tells GlobeSt.com. "If a converter feelsan asset is a good candidate, the conventional multifamilyoperators typically cannot compete from a pricing standpoint."
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