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SUNRISE, FL-Locally based Vision Development Group has outbid a range of outside investors to buy Isles at Sawgrass for $61.3 million or about $166,576 a unit. Isadore Cohen, a Vision principal, plans to convert the 368-unit garden-style multifamily complex at 673 Vista Isles Dr. to for-sale condos.

The complex is located on 37 acres adjacent to Lago Mar Country Club. It consists of 23 two-story buildings containing one- and two-bedroom units, and 736 parking spaces along with jogging trails and such amenities as a fitness center, pools, picnic area and tennis and volleyball courts.

It was completed in 1991, and the published rental rates are $800 a month for a one-bedroom apartment and $998 a month for a two-bedroom apartment. It is currently 94% occupied, according to Jubeen Vaghefi, managing director of the Miami office of New York City-based Rockwood Realty Associates.

Vaghefi represented the seller, Chicago-based Equity Residential. “There was significant interest in this offering from a wide range of institutional, domestic and offshore investors,” Vaghefi says. “Properties such as this one, which appeal to both income buyers and converters, are in short supply and increasingly difficult to acquire.”

Corus Bank, the banking subsidiary of Chicago-based Corus Bankshares, provided a $49.5-million loan to an affiliate of Vision to fund the acquisition. James Dow, Corus VP, declined to disclose terms of the loan, which he described as “a complex mezzanine structure,” that had to close within three weeks to meet the borrower’s tight time constraints. This is Corus’ first loan of Vision. Vision’s Cohen could not be reached for comment.

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