Search
 

Waverly Converting to Condos Starting at $250,000 per Unit

MIAMI-Locally based Karlton Properties and the Athena Group of New York bought the 35-story, 399-unit property in south Miami Beach in June from Orlando developer Zom Inc. for $97.25 million or $243,734 per unit.

By Aurin Squire | Updated on August 14, 2002

MIAMI-The new owners of the Waverly apartment tower at 1330 West Ave., south Miami Beach, are converting the 35-story, 399-unit property to condominium ownership in September at starting unit prices of $250,000.

That is about what Karlton Properties of Miami and New York-based Athena Group paid Orlando-based Zom Inc. June 28 in the $97.25 million acquisition at $243,734 per unit.

The 300 tenants who occupy 75% of the towers will be given 45 days to purchase their apartment before sales are opened to the public. Tenants are being offered in-house financing and with a 10% down payment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.