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MARGATE, FL-Hollywood, FL-based SAK Development has acquired a 44-unit apartment building at 521 Banks Rd. with plans to convert the building into condominiums. The new owner is eyeing an April completion date.

The project is tentatively called Sunset Lake Villas. Anthony Galeotafiore, an SAK partner who runs Bethpage, NY-based financial services firm Custom Capital, tells GlobeSt.com that the project will target the affordable housing market. Prices for a two-bedroom, one-bathroom unit with approximately 900 sf will start at $160,000. The acquisition price and cost of the conversion project were not released.

Custom Capital provided the financing for the acquisition and will offer financing to buyers of the units. “In the Margate area, there are a lot of renters,” Galeotafiore says. “With what people are paying in rent, we can offer them a no-money down loan and offer ownership for the same price as renting.”

Unlike other condo conversion projects, which target investors or people buying second or third homes, Sunset Lake Villas will target those seeking to buy a primary residence. “Our approach has been to seek out properties that are available at the right price, so that we can offer very competitive and affordable housing to the consumer,” says SAK managing partner Steve Kates.

Other projects undertaken by SAK include the Isles, a 44-unit project in Fort Lauderdale; the Madison, a 24-unit project in Hollywood; and Moffett Place Condominiums, a 44-unit project in Hallandale.

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