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South Florida Complexes Pull in $22M Each

PALM BEACH GARDENS, FL-Wisperwood Village Development LLC bought Wisperwood Village in Kendall and 1951 Brandywine LLC bought Fairway Vista in West Palm Beach. The seller of both complexes was locally based Jennings Construction Corp.

By Melissa Bogdany | Updated on October 14, 2003

PALM BEACH GARDENS-Locally based Jennings Construction Corp. sold two South Florida apartment communities for a total of $44.4 million–$22.2 million each.

Wisperwood Village Development LLC purchased Wisperwood Village in Kendall for $22.2 million, or $94,500 per unit, on Sept. 29. The apartment complex, located on 6.3 acres at 9301 S.W. 92nd Ave., has 235 units with 197,375 sf of rentable space. The property includes 162 one-bedroom, one-bath units and 73 two-bedroom, two-bath units. It was built in 1977 and consists of three four-story buildings.

The new owners plan to convert Wisperwood Village into condominiums. “Wisperwood is a prime example of a well-situated apartment complex that is ideal for conversion to condominiums,” says Brett Chwick, an associate with the Apartment Group, a wholly owned subsidiary of Cushman & Wakefield, who represented Jennings Construction Corp. in both transactions. “Low interest rates have fueled consumers’ appetite for buying, rather than renting, their homes. This trend, in turn, has spurred investors to aggressively snap up apartment buildings that are strong candidates for condo conversions.”

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