Owner Takes Blue Lagoon Rental Complex Condo

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MIAMI-Locally based J. Milton & Associates, which developed the four-building, 608-unit Blue Lagoon residential complex as a rental facility in 2003, is taking it condo. “It’s an all-new property, and the market is very, very hot right now,” Yosi Gil, a J. Milton principal, tells GlobeSt.com. “Why wait?”

The conversion is taking place in two stages. Sales for units in two of the buildings began 75 days ago, and Gil reports that 275 of the aggregate 320 units are sold. Sales of units in the remaining buildings will begin within the next six months. For-sale prices range between $234,000 and $485,000 for one-, two- and three-bedroom units. Overall occupancy is approximately 56%, Gil says, “and everybody wanted to buy.”