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Sunvest Resort Plans Condo Conversion With New Buy

LAKE PARK, FL-Archon Group LP sold the luxury, waterfront property for $19.6 million, or about $89,090 per unit. The condo conversion opportunity is what attracted Sunvest to the 220-unit property, according to a broker.

By Melissa Bogdany | Updated on March 22, 2004

LAKE PARK, FL-Sunvest Resort Communities LLC, a major converter of Florida condominiums, has purchased Bay Reach, a 220-unit, waterfront apartment community here, from Archon Group LP for nearly $19.6 million. Sunvest plans to convert this property into condominiums.

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.

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