Evan P. Kristol and Still Hunter III, investment specialists in Marcus & Millichap Real Estate Investment Brokerage Co.'s Fort Lauderdale, FL, office and members of the firm's National Multi Housing Group, had the exclusive listing to market the property for the seller, a locally based private investor. The property was offered for sale for $38 million.

Coral Point Townhomes units range from 650 sf to 978 sf, and monthly rental rates range from $850 to $995. The occupancy at press time was 95%. Documents are now in place for University Lakes Apartments to pursue the property's conversion to condominiums, a popular route in South Florida.

"This asset provides the buyer the ideal property for conversion to condominiums," Kristol says in a statement. "It is a turnkey condo-conversion property with an ideal mix of more than 80% two-bedroom townhomes and little deferred maintenance. The community's amenities, ambiance and curb appeal surpass most other properties in Dade County, which is currently one of the strongest condominium-conversion markets in the country."