The sale price equals approximately $89,090 per unit. Marc deBaptiste and Dick Donnellan, both principals with the Florida office of Apartment Realty Advisors, a national multifamily brokerage and investment advisory firm, led the company's marketing team, representing Archon Group.
Bay Reach is a luxury, Mediterranean-style community consisting of 22 two- and three-story buildings. The complex is located at 1001 Lake Shore Dr. just south of Palm Beach Gardens in northeastern Palm Beach County. Situated on the Intracoastal Waterway at the north end of Lake Worth, the property is bounded by water on two sides. The property has about 513 lineal feet fronting Lake Worth and about 715 lineal feet of dockage running the length of the property along a canal to the north.
The conversion capability of the property is what interested the buyer, according to deBaptiste. "The property's Intracoastal Waterway setting and individual garages made it an ideal candidate for condominium conversion, and that is what attracted Sunvest to purchase the property," deBaptiste says. "Condominium conversion has become a very popular form of home ownership in Florida." Since June, the Florida office of Apartment Realty Advisors has sold or has sales pending for 12 properties for conversion to condominiums, he adds.
According to a report from the Apartment Group, a Cushman & Wakefield company, "Not surprisingly, much of the 2003 sales activity included condo conversions." South Florida apartment sales activity of properties with at least 100 units rose about 41%, compared with 2002, and apartment sales volume in 2003 was about $1.8 billion. The report states that condo development has increased "dramatically."
Bay Reach's amenities include a bayfront pool with a sun deck and changing area, a dock space, a fitness center, 138 garages and a controlled-access gate. Apartment features include washers and dryers, vaulted ceilings and balconies on some units.
The community is approximately two miles from Interstate 95, six miles from Florida's Turnpike, 10 miles from Palm Beach International Airport and two miles from the Port of Palm Beach.
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