Wachovia Bank NA, which financed Tarragon Realty Investors' most recent condominium conversion project in South Florida, also provided financing for the acquisition of Tuscany on the Intracoastal.

The four-story property, located at 2300 S. Federal Highway, offers one- to three-bedroom apartments. The gated-entry development offers Intracoastal Waterway and nature preserve views, numerous recreational opportunities and an 11,000-sf Mediterranean-style clubhouse. Other features include Mediterranean gardens, cascading fountains, barbecue areas, attached garages and covered parking decks, a lighted tennis court, elevators and exterior storage.

"By virtue of its location, quality of construction, water views and apartment sizes, Tuscany on the Intracoastal offers resort-style living and the potential for luxury home ownership," William Friedman, president of Tarragon Realty Investors, said in a statement.