Tarragon has more than $12 million budgeted for the property's renovation and improvement. Pinecrest Village is the first project headed by Richard Schaffer, Tarragon's new managing director for Florida condominiums.

Consisting of about 240 reconfigured and reconstructed luxury apartments, the building is located at the gateway to Victoria Park, next to downtown. Units are priced from $150,000 to $350,000, which is low for the area.

"Based upon our estimated renovation conversion costs and initial sales prices, we anticipate a profit of approximately $25 million over the next 24 months as we complete the renovation of the apartment units and close their sale," Tarragon president and CEO William S. Friedman says in a statement.