Atlanta-based Apartment Realty Advisors facilitated the sale of the condo project to West Palm Beach-based Priderock Capital Partners and Philadelphia-based Urdang Capital Management by West Palm Beach-based Ceebraid-Signal Corp. The new owners plan to complete the unfinished units and clubhouse at Eden, says Hampton Beebe, senior vice president with ARA's Distressed Assets Solutions Group in Boca Raton.
"This one was very unusual," Beebe tells GlobeSt.com. "They actually closed units in one of the buildings before construction was completed on other parts of the property."
Ceebraid-Signal cleared the original apartments along Palmetto Park Road west of US 1 in Boca Raton to develop Eden, offering luxury condos in the $300,000 to $500,000 range during the mid-2000s development boom. All but two of the 27 previously sold units have been bought back for the original purchase price, well above current appraised value.
"It's unfortunate Eden's timing coincided with a national economic downturn and the collapse of the banking and real estate markets," Adam Schlesinger, Ceebraid-Signal president, stated in a release. "Both we and our buyers have been through some trying times, and I am pleased to have reached an amicable resolution with them."
Beebe foresees more fractured condo deals on the horizon in South Florida, though none at the same quality level as Eden's units. Only a few projects are expected to be converted to rental apartments, he says, adding that there is still sufficient demand for individual owners seeking condos as second homes.
"This property will be completed and marketed as the standard of luxury rental living in Boca Raton," Beebe says. ARA principals Avery Klann and Marc deBaptiste assisted with the Eden sale.
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