MIAMI–136 condos at Vista Lago at the Hammocks Condominium have traded hands. CREC brokered the sale of of the units for $17.675 million. The sale price equates to $129,000 per unit, or $147 per foot.
Vista Lago sits near the intersection of Killian Drive and Southwest 157th Avenue in Miami. The condo's 248 units were built in 1988.
CREC senior vice president Peter Mekras represented the seller in the transaction. The bulk sale fetched offers from local, international and out of state investors in what CREC describes as a competitive and structured bidding process. The buyer was a private investor and was not represented by a broker.
"The bulk sale of condominiums at Vista Lago at the Hammocks speaks to the strength of the multifamily market in South Florida," says Mekras. "While the FHA condominium end loan market hasn't returned for potential individuals who desire home ownership in quality communities like Vista Lago, well-capitalized private investors are leveraging their balance sheets to acquire desirable bulk condominiums, benefit from cash flow, and hold that precious inventory."
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