Gerald A. Smith, a principal at Smith Equities, tells GlobeSt.com apartment conversions continue to be the period play for many property owners taking advantage of commercial real estate loan rates that have been under 7% for most of 2003 and into 2004.

Smith brokered the $16-million sale of the 288-unit, 14-year-old Parkway Village Apartments being converted to condos at 3000 Parkway Blvd. in Kissimmee, FL. Orlando Gardens LLC paid seller Gray Property 3204 LLC $55,729 per unit for the Osceola County property. The building has 72 one-bedroom, one bath units and 216 two-bedroom, two-bath units. The living area averages 844 sf and rents for an average $714 per month. Smith says Parkway Village is the fourth central Florida apartment sale for conversion to condominium handled by Smith Equities.

In the second, non-conversion transaction, Gerald Smith and his brother, Mark D. Smith, also a company principal and broker, handled the $9-million sale of 172-unit, 20-year-old, 72-building Colony Club Village Apartments at 5917 Mustang Place in Orlando. A private local investor, whom the Smiths would not identify, paid seller Trident Holding Co. $52,326 per unit for the property. The average unit size is 1,095 sf; average base rents are $770 per month. Colony Club Village has 14 one-bedroom, one-bath units; 124 two-bedroom, two bath units; and 34 three-bedroom, two-bath units.