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Apartment Complex Heather Glen Sells for $25.5M

SUNRISE, FL-The sale, at about $108,974 per unit, is one example of investor demand for luxury apartment communities in South Florida. Heather Glen 234 LLC bought the complex, consisting of 17 buildings with 282,048 sf of space, from J&P Construction.

By Melissa Bogdany | Updated on June 08, 2003

SUNRISE, FL-In a market where investor demand for luxury apartment communities is hot, Heather Glen 234 LLC, an independent investor in Miami, has purchased the Heather Glen apartment complex in Sunrise, FL for $25.5 million.

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.

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