Le Club at Old Cutler Sells for $102,409 Per Door

MIAMI-Le Club Development LLC, whose principals are Joanne S. Mitchell and Ron Simkins, has purchased Le Club at Old Cutler, a 332-unit gated rental community in here, for $34 million.Steve Bell & Co. of North Carolina sold the property for approximately $102,409 per unit. The lakeside community, located at 8630 S.W. 212th St., consists of 14 three-story garden-style buildings with a clubhouse on 15 acres. The apartments are sized at 912 sf for a one-bedroom unit with a balcony, 1,048 sf for a two-bedroom unit with two balconies, and 1,100 sf for a two-bedroom unit with one balcony. The units rent for between $875 and $1,250.The locally based developers plan to invest $2 million into exterior and common-area cosmetic renovations, which will include work on the clubhouse, the pool, walkways, the guard house, painting and landscaping, Simkins says. The community was built in 1989. “The building is in good shape, but we like to exceed expectations,” he says.The growth and demand in the area was appealing to the developers, Simkins says. “We find that area to be developing and growing like crazy, where there’s still good value,” he says. “There are a lot of major home developers around us–they’re building and selling out like crazy, and they’re giving people good value. We felt we could give people the same thing.”Steven Markowski and Larry Hacker of Wachovia Bank handled $30 million in acquisition financing for the owners. Carol F. Keys, an attorney based in North Miami, was legal counsel in the deal.Property amenities include a lakeside pool, a tennis court, a lakefront promenade, a picnic and barbecue area, and 24-hour guarded security. Each unit has a private balcony with a lake view, washer/dryer hookups and walk-in closets.The developers own other South Florida real estate and recently finished converting Wisperwood and Sunwood in Miami to condominiums–a major focus of the developers.