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POMPANO BEACH, FL-Prestige Builders Partners, identified as an affiliate of Miami-based BF Group, has paid just under $34.6 million for the 288-unit Regency at Palm Aire apartments at 280 N. Course Dr. in the Palm Aire Country Club. This follows by less than a month the prolific condo converter’s acquisition of six properties aggregating 1,513 units in South Florida.

Frank Mestre, VP of sales and marketing for Prestige, tells GlobeSt.com not all of the properties it has acquired this year are necessarily destined for condo conversion. This year’s acquisitions have an aggregate of more than 12,000 units, “an inventory,” Mestre says. Of those more than 5,600 have been converted, while others remain rentals.

San Francisco-based Klingbeil Capital Management sold the Palm Aire community. Brad Capas, senior director, and Rosendo Caveiro, director in the Miami office of Cushman & Wakefield, were the sole brokers in the transaction. Capas tells GlobeSt.com the price, which equates to $120,000 a unit, or about $129 per sf, “is probably in the mid-range of current selling prices in Broward County.

“The most interesting aspect of this transaction,” he says, “was the seller’s earlier acquisition of an adjoining golf fairway. The original golf course was configured in such a way that a fairway and green traversed the apartment complex, literally extending between residential buildings. Several years ago, the fairway was relocated, allowing the seller to acquire that land. The significant open area and lakes that were once a part of the golf course were included in BF Group’s acquisition, and the ability to control this large greenbelt was a key attraction.”

The complex consists of 18 two-story buildings. They contain an aggregate of 120 one-bedroom units and 168 two-bedroom layouts, and the average unit size is 931 sf.

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