Condo Converter Takes 460 Units for $37M

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ORLANDO-General Real Estate Corp. of Miami Beach has acquired its second apartment community in three months targeted for a quick condo conversion. The converter paid Picerne Development Corp. of suburban Altamonte Springs $36.8 million, or $80,000 per unit, for the 460-unit Harbour Key Apartments. The 17-year-old property is at 5749 Gatlin Ave.

In January, General paid $31.5 million, or $85,948 per unit, for the 32-building, 368-unit Howell Branch Station Apartments in suburban Maitland. The sellers were the Praedium Group LLC and Affirmative Equities Co. LP, both of New York.