Miami Lakes Condo Converter Buys First Phase of $362M Portfolio

MIAMI LAKES, FL-Elad Group Florida LLC, a locally based condominium conversion company, has purchased four multifamily properties and plans to buy four more in an eight-property portfolio totaling $362 million from Ameriton Properties.

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.”