(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 the 20-year-old, 280-unit Harbour Island Club apartments from MSL Management Inc. of Coral Springs, FL. The $30-million deal equals out to $107,143 per unit.

BHI plans to offer the apartments as affordable condos price below Broward County’s median condominium price of $209,000 and median single-home price of $308,000, according to Avery Klann, a senior vice president at the Florida headquarters of Apartment Realty Advisors. Klann and ARA principal Marc deBaptiste negotiated for the seller. Noah Breakstone, a principal at Breakstone Homes, represented the buyer.

Klann calls the property “an exceptional rental community as well as an attractive condominium conversion opportunity.” Broward County “experienced a negative apartment inventory change due to the condominium conversions that occurred in the area in the year ending fourth quarter 2005,” deBaptiste says. “The minimal new supply in the market and the significant amount of condominium conversion activity will continue to have a positive influence on apartment rents and occupancy.”

With occupancy at 99% in the West Central Broward County submarket, there is “strong demand for apartment units in the immediate area of Harbour Island Club,” the broker adds. The concrete-constructed Harbour Island Club sits on 16.8 acres at 4094 NW 88th Ave.

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