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CREC Closes Unusual Bulk Condo Deal

MIAMI—"This transaction and other recent non-core apartment sales speak to private capital's strong appetite for cash flow generated from multifamily assets."

By Jennifer LeClaire | Updated on December 07, 2015

MIAMI—CREC just closed on the bulk sale of 141 condos in the Fort Lauderdale suburb of Sunrise. The sale price: $17.25 million, which equates to $121,453 per unit or $137 per foot.

The Isles at Lago Mar Condominium was built in 1991 as rental apartments. The multifamily units, which are located near the intersection of North Flamingo Road and Sunrise Boulevard, were converted to condominiums in 2005. 

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