Sunvest/Hamilton Closes on 15th Condo Venture

VERO BEACH, FL-With a $21-million loan from Wachovia Bank, SunVest/Hamilton, an apartment-condominium conversion specialist, has closed on its 15th joint venture property with the acquisition of Fairways at Grand Harbor, a 257-unit gated community in the spring training home of the Los Angeles Dodgers.

The developers paid Fairways at Grand Harbor LTD $24 million, or $93,385 per unit, for the 790-sf to 2,235-sf oceanfront units they are selling for $99,990 to $299,90. The 20-acre Fairways at Grand Harbor comprises 11 three-story buildings and a two-story clubhouse at 5005 Fairway Circle. Wachovia Bank president Albert Fils Sr. says the timing of the acquisition will give the developers “a phenomenal opportunity to bring a well-priced product that is currently not available in the Vero Beach market.”