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WEST PALM BEACH, FL-An unidentified local condo converter has bought Pavilion Apartments, a 312-unit rental property at 401 Executive Center Dr., for $34 million, which represents $108,974 a unit and $117 per sf. The property is situated on a little more than 14.6 acres, and current zoning allows for development of approximately 152 additional units.

Evan Kristol, a senior investment associate in the Fort Lauderdale office of Marcus & Millichap Real Estate Investment Brokerage Co. and a senior director of the firm’s National Multi Housing Group, along with senior associates Tal Frydman and Still Hunter III of the same office, represented the seller. Hunter tells GlobeSt.com the seller is Everest, a California-based syndicate. The trio also secured the buyer.

Pavilion contains 108 one-bedroom, 160 two-bedroom and 44 three-bedroom units. Hunter says it was completed in 1971 and is approximately 95% occupied. “The property is currently undergoing extensive interior and exterior renovation,” he says, “which includes new roofs, paint, parking lots, walkways, landscaping and irrigation, amenity upgrades and total unit interior remodeling.” Asked about the new owner’s timeline for conversion, he says, “as quickly as possible.”

Given the property’s location and extensive renovations, “it represents an outstanding condo conversion opportunity,” Kristol says. “The property generated strong buyer interest and sold for over its list price.”

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