X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT LAUDERDALE, FL-Villas at Lakeview Apartments is headed for condo conversion. San Diego-based Fairfield Residential, a multifamily developer with properties in 14 states, sold the 176-unit, garden-style complex to Miami-based ABBA Group for $21.2 million, or $120,455 per unit, which represents a price just shy of $125 per sf.

The 11-building property on a 24-acre site at 5200 NW 31st Ave. was completed in 1987 and renovated in 2004. Jamie May, chairman and CEO of JBM Realty Advisors, tells GlobeSt.com the average size of units, which include three different floor plans, is 966 sf, and the average rental rate is $971, or $1.01 per sf, per month. He says it is a class B+ asset “in excellent condition” and currently 97% occupied.

May, along with JBM senior directors Eric Ammon and Carlos Berner, were exclusive investment advisors and brokers in marketing the property. “Broward County has had more condo conversion activity than any where in Florida,” May says. This property draws residents from a nearby 5.7-million-sf office park, which includes such tenants as Blue Cross Blue Shield of Florida, the headquarters of Bank Atlantic, American Express, Citigroup, Citrix, University of Phoenix and Sportsline.com. It also offers easy access to Interstate 95, the Florida Turnpike, and both the Fort Lauderdale Executive and International Airports.

Units in the two- and three-story structures have private entrances, private patios or balconies, storage rooms, cable TV hookups and other amenities. The property includes a lake and central fountain, and all units have a view of the lake. It is a gated complex with a pool, sundeck, heated Jacuzzi, clubhouse, three barbecue areas, a car care center, 321 surface parking spaces and a natural reserve area. ABBA has not yet determined the selling price of condo units.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.