PEMBROKE PINES, FL - A stalled Pembroke Pines condo conversion, the Devonaire at Winston, has been partially sold for $68 million, or about $146,552 a door, according to Broward County court records. The deal was between two out-of-state firms that have been active in the South Florida market.
Pittsburgh-based Deaktor Development carved out phases two and three of its floundering condo conversion project in the sale of 464 units to Maryland-incorporated, Chicago-based Equity Residential, a real estate investment trust that claims in its Securities and Exchange Commission filings to be the largest holder of multifamily rental projects of any public company.
Real estate industry sources say the sale was negotiated by Robert Given and Gerard Yetming, brokers at CB Richard Ellis in Miami.
Equity is active in the Pembroke Pines area with three other rental projects: the 358-unit Landings at Pembroke Lakes, the 296-unit Gatehouse at Pine Lake and the 264-unit Winston.
Data from Deerfield Beach-based McCabe Research & Consulting show the three Equity rental projects have mid- to high 90 percent occupancies and monthly rentals ranging from $910 to $1,620 - $1.13 to $1.57 a square foot.
Source: South Florida Business Journal