Located on North University Drive, the property was built in 1974 and contains 174,288 rentable sf. The property has 154 two-bedroom and 14 one-bedroom units ranging in size from 860 sf to 1,154 sf. Rental rates range from $794 to $909 per month. The property was about 95% occupied at press time.

"With its strong location and excellent condition, this property represents the ideal opportunity for condominium conversion," Evan Kristol, a senior investment associate in Marcus & Millichap Real Estate Investment Brokerage Co.'s Fort Lauderdale, FL, office who marketed the property, says in a statement. "With a unit mix composed of 92% large two-bedroom floor plans and little deferred maintenance, it's a turnkey conversion property. The local market is already one of the strongest conversion markets in the country."

Still Hunter III, an investment specialist with Marcus & Millichap, represented the buyer.