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

MIAMI LAKES, FL-Elad Group Florida LLC, based here, also is planning to purchase the remaining four properties in the eight-property portfolio, which Ameriton Properties is selling. The others are expected to close by early next year.

By Melissa Bogdany | Updated on October 02, 2004

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.”

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