The new owner may convert the apartments into condominiums, another trend in the South Florida area. The seller was J&P Construction of Palm Beach Gardens, FL. The sale price equates to approximately $108,974 per unit for the 234-unit luxury complex. The sale closed June 4.
Heather Glen, built in 1997, is located on 10 acres of land at 731 S.W. 148th Ave. in the Weston submarket.The complex has 17 three-story buildings and 282,048 sf of rentable space. It is about 85% occupied.
The units, which include mostly two- and three-bedroom townhomes with some one-bedroom units, range in size from 1,070 sf to 1,288 sf. At the close of the sale, the average asking monthly rent was $1,188.vAccording to Brett Chwick, a broker involved in the transaction, there is a lot of demand by investors for luxury rental communities in South Florida.
"A lot of the national investors are looking to South Florida, but you also have a lot of local investors," Chwick tells GlobeSt.com. "South Florida is very desirable right now. A lot of institutional investors look at this as a strong investment market."
South Florida has a constant influx of people, and the land supply is limited, he adds. "Investors are aggressively seeking luxury apartments in South Florida, particularly when they have the potential to be converted into condominiums," according to Chwick.
It was its condo-conversion potential that made Heather Glen desirable, he says.
"It's excellent product to be converted," due to its location and unit mix, says Chwick. "It's located in the Weston submarket, which is a very desirable submarket, and it's mostly two- and three-bedroom townhomes."
Chwick, an associate with The Miami office of The Apartment Group, a Cushman & Wakefield company, represented J&P Construction in the sale.Cushman & Wakefield merged its multi-family brokerage operation with The Apartment Group to form The Apartment Group, a Cushman & Wakefield company, in early 1991 to better position Cushman & Wakefield of Florida "to take advantage of the institutional demand for apartment product," Cushman & Wakefield's Peter R. Harrison said at that time.
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