Thursday, April 21, 2005
South Florida Business Journal
A condominium conversion firm has paid $91 million for The Strand, a 275-unit, waterfront apartment community in downtown West Palm Beach.
The purchaser, Atlanta-based Margolias Realty Group, bought from Cornerstone Real Estate Advisers. The seller’s representatives were Avery Klann, vice president, and Marc deBaptiste, principal at The Florida office of Apartment Realty Advisors, which provided the numbers.
Condo converters continue as the highest bidders in the South Florida market, deBaptiste, said, explaining the firm fielded more than 40 offers on The Strand.
The three-year-old high-rise has concrete block construction, controlled access garage parking, waterfront views, a pool, jacuzzi, internet cafe, billiards and game room, scheduled community activities, community clubhouse and a 24-hour health club with cardio theatre.
Klann, ARA’s multi-family specialist, described demand for waterfront condominiums in downtown West Palm Beach as “unprecedented.”
Read this article at www.bizjournals.com.