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85% of Treasures On the Bay Condos Sell in a Weekend

NORTH BAY VILLAGE, FL-After buying the three-building complex for $50 million and infusing $21 million in renovations, Chicago-based CMS quickly sells 423 of the 498 units for between the mid-$100,000s and nearly $600,000.

By Marita Thomas | Updated on May 19, 2005

NORTH BAY VILLAGE, FL-Condos in Treasures on the Bay, a complex of three 10-story buildings aggregating 498 former rental units, were 85% sold over a single weekend at prices ranging between the mid-$100,000s and almost $600,000. The complex was built between 1962 and 1966 and acquired by Chicago-based Comprehensive Management Services for $50 million in late 2004.

Since then, CMS invested more than $21 million in interior and exterior upgrades, according to Edward Carlson, CEO. They included renovation of common areas, elevators and hallways, plus new cabinets and tile in kitchens and baths and landscaping, all of which will be completed this summer. “By converting existing buildings, we are able to deliver attractively priced units, and we can do it to meet demand,” Carlson says. “Our goal is to create new opportunities in residential accommodations in prime areas.”

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