MIAMI—Bulk condo sales aren't entirely a think of the past. Onehundred-ten units at the Bermuda Cay condo in Boynton Beach, FLjust sold for $15.1 million—and industry watchers say thetransaction represents a growing trend of Palm Beach Countyvalue-add investments.
Rosendo Caveiro, senior director ofCushman & Wakefield and BradCapas of CapasGroup Realty Advisorsrepresented the seller, an affiliate of DizengoffGroup, in the disposition. A private investment group thatspecializes in the bulk purchase of fracturedcondominiums throughout Florida acquired the assets.
“The coastal Boynton Beach condominium resale market hasrecovered considerably since the depths of the recession,” saysCapas, president of CapasGroup. “By our estimates, the averageresale price of waterfront condominiums in this submarket hasincreased 19% since 2012.”
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