(To read more on the multifamily market, click here.)
SUNRISE, FL-Spotting a niche in the condo conversion market,Miami-based BHI, a subsidiary of Breakstone Homes, has acquired the20-year-old, 280-unit Harbour Island Club apartments from MSLManagement Inc. of Coral Springs, FL. The $30-million deal equalsout to $107,143 per unit.
BHI plans to offer the apartments as affordable condos pricebelow Broward County's median condominium price of $209,000 andmedian single-home price of $308,000, according to Avery Klann, asenior vice president at the Florida headquarters of ApartmentRealty Advisors. Klann and ARA principal Marc deBaptiste negotiatedfor the seller. Noah Breakstone, a principal at Breakstone Homes,represented the buyer.
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