Owner Moves on Attractive Bid for Apartments

MIAMI-On the receiving end of an attractive offer, Kendall Lake Towers LLC has sold Kendall Lake Towers, a six-story, 254-unit apartment complex in the city, for $21.2 million. The price equates to approximately $83,500 per unit. The buyer, an undisclosed local private investor, bought the property in a 1031 Exchange.

The previous owner was not planning to sell the property and it was not put on the market, Joshua Schrager, a broker in the sale, tells GlobeSt.com. “It was an unsolicited offer that they couldn’t refuse,” according to Schrager. In addition, he says, “It was probably the fastest sale we’ve ever done. The guy just bought it.”