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OAKLAND PARK, FL-Miami-based Professional Management pays Fort Lauderdale-based Holland Development $18.6 million, or $80,172 a unit, for Oakland Pines Apartments, a 232-unit, garden-style rental property. The complex is located on 10 acres just north of Fort Lauderdale and consists of nine two-story buildings.

The price represents a 5.5% cap rate, according to David Luther, a senior sales associate in the Fort Lauderdale office of Marcus & Millichap. “Seven buyers competed for the acquisition,” he tells GlobeSt.com, “and the list price was $100,000 less than the sale price.”

Luther and Brandon Rex of the same office were the listing agents and also represented the buyer. The complex was completed in 1978 and is a “well-maintained property, which is beautifully landscaped and offers a first-rate condo conversion opportunity,” Luther says. It contains racquetball and tennis courts, a pool, sundeck and clubhouse.

Currently, the complex is about 93% occupied. The rental rates range from $600 to $700 a month for the 93 one-bedroom units, which measure about 440 sf, and between $700 and $840 a month for the 139 larger, two-bedroom units of about 660 sf.

A source who requested anonymity tells GlobeSt.com the condo sale prices will begin at about $110,000 for one-bedroom units and about $130,000 for two-bedroom units. Sell-out, he predicts, will be swift, particularly because the complex offers affordable housing in comparison with many properties on the market and rental housing in the area “is all but evaporating.”

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