Elad expects to close on the remaining properties soon, says Marc deBaptiste, a principal with Apartment Realty Advisors in Boca Raton. DeBaptiste and company vice president Avery Klann, also of the Florida office of Apartment Realty Advisors, coordinated the sale.
"Some [properties] are finishing construction, so they have to wait a month or two," deBaptiste says. "They'll close either by the end of the year or by the beginning of next year."
The four properties in the first phase of the deal are the Enclave at Miramar, a 344-unit community in Miramar; Westchester at Briar Cliff, a 270-unit project in Atlanta; Westchester at Dunwoody, a 398-unit project also in Atlanta; and Spicket Commons, a 164-unit development in Methuen, MA.
Apartment Realty Advisors' Atlanta and New England offices also worked to arrange the sales between Ameriton Properties, a development subsidiary of the national real estate investment trust Archstone-Smith, and Elad Group Florida. DeBaptiste says he cannot disclose the individual property sales prices.
Elad Group Florida is interested in converting the properties to condos--a trend that seems to be a gold mine in South Florida. "They thought they would be ideal condo conversion candidates," deBaptiste says. He adds that all the properties, which currently are rentals, are "either new or less than a few years old."
Avery Klann, Apartment Realty Advisors' Miami-Dade County multifamily specialist, adds in a statement: "Virtually all properties in the eight-property portfolio are ideal candidates for condominium conversion due to their age, location and 'for-sale' appeal."
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