MIAMI—The ink is drying on two bulk condo sales in South Florida as investors continue cleaning up distressed assets from the condo market crash in 2008. Collectively, 178 units sold for $12.6 million.
Franklin Street's Deme Mekras and Elliot Shainberg represented the buyers and sellers in both deals. One hundred four units at Windward Lakes Condominiums in Pompano Beach, FL sold for $9.6 million, or about $92,308 per unit. The project includes about 276 units.
“There are very few deals like this one left in South Florida,” Mekras tells GlobeSt.com. The seller was a privately-owned investment fund from Massachusetts that took title to the properties in a foreclosure action. The seller leased out the units while waiting for the real estate market to recover from its losses during the Great Recession.
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