(To read more on the multifamily market, click here.)

MIAMI-Locally based J. Milton & Associates, which developed the four-building, 608-unit Blue Lagoon residential complex as a rental facility in 2003, is taking it condo. “It’s an all-new property, and the market is very, very hot right now,” Yosi Gil, a J. Milton principal, tells GlobeSt.com. “Why wait?”

The conversion is taking place in two stages. Sales for units in two of the buildings began 75 days ago, and Gil reports that 275 of the aggregate 320 units are sold. Sales of units in the remaining buildings will begin within the next six months. For-sale prices range between $234,000 and $485,000 for one-, two- and three-bedroom units. Overall occupancy is approximately 56%, Gil says, “and everybody wanted to buy.”

Gil declined to disclose the construction cost of the buildings, which range between 12 and 15 stories. The complex is located at 5077 NW Seventh St. on Blue Lagoon Lake, across from Miami International Airport and next to Antonio Maceo Park. It is a gated community with 24-hour security at the gatehouse and valet parking.

Among the amenities on the approximately five-acre community are a pool, a boat ramp on the lake, a fitness center with a sauna, business center, clubroom and on-site convenience store. “New landscaping enhancements were just completed,” Gil says.

J. Milton’s other area projects include Pinnacle, Sands Pointe and Intracoastal Yacht Club, and King David Condominiums on Sunny Isles Beach. The company is currently constructing Sayan, a Balinese-themed condo, there on the beach.

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