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Advenir Buys 144-Unit Palm Court for $11M

NORTH MIAMI, FL-Tarragon Realty sells the 4.5-acre rental complex at 15205 NE Sixth Ave. for $77,431 a unit. It was built in 1967 and is 100% occupied. Not surprisingly, the new owner plans a condo conversion.

By Marita Thomas | Updated on October 21, 2005

(To read more on the multifamily market, click here.)

NORTH MIAMI, FL-Plantation, FL-based Advenir has purchased the 144-unit Palm Court Apartments for just under $11.2 million, or about $77,431 per unit, from New York City-based Tarragon Realty Corp. The new owner will convert the 38-year-old rental complex into condominiums.

The asset is located on approximately 4.5 acres at 15205 NE Sixth Ave. and consists of 72 one-bedroom and 72 two-bedroom units, ranging in size from 780 sf to 960 sf. Many units have been renovated, and “it’s 100% occupied at rental rates of between $675 and $775 per month,” Daniel Draizin, an investment specialist in the Fort Lauderdale office of Marcus & Millichap, tells GlobeSt.com.

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