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HOLLYWOOD, FL-Synergy Capital Group has acquired the 192-unit Palm Terrace apartment building at 3600 Van Buren St. for $19.55 million, or $101,823 per unit. Maxx Properties was the seller.

Marcus & Millichap vice president of investments Even Kristol and senior investment associate Still Hunter III, who are located in the company’s Fort Lauderdale office, represented Maxx Properties. “The seller had owned the property for a long time,” Kristol tells GlobeSt.com. “They were looking to sell because it’s a good sales market right now.”

Built in 1968, Palm Terrace consists of four four-story buildings on 4.4 acres. Amenities include two swimming pools with sundecks, a fitness center, playground, landscaped courtyards, laundry facilities and trash chutes on every floor.

The buyer is likely to consider converting some or all of the units into condominiums. “The great unit mix offered by Palm Terrace, as well as its outstanding infill location, makes it a prime candidate for condominium conversion,” Hunter says. “Due to its convenient location between Miami and Fort Lauderdale, as well as its seaside location north of Miami Beach, Hollywood has experienced a tremendous revitalization over the past several years.”

While sales of apartment buildings targeted for condo conversion have slowed in recent months, sales of buildings that will remain rentals are still strong, Kristol says. “Apartment buildings sold as rentals are as strong as ever,” he says. “With the population and rental rate growth, we’re still in a great market.”

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