Coral Springs Condo Conversion Planned
It’s spreading. All across Florida, more and more apartment complexes are being purchased, remodeled and converted into condominums.
It’s a trend that the Tampa Bay housing market has seen a lot of recently. You may now include Coral Springs in this grouping. SunVest Communities USA has bought the 352-unit Copperfield apartments in that area for $58 million.
The seller was IMT Real Estate Group of Sherman Oaks, CA. The community, surrounded by six lakes, is to be renamed, Edgewater, said Hallandale Beach-based SunVest, which said it plans to convert the apartments to condominiums.
The one-, two- and three-bedroom units, ranging from 850 square feet to 1,300 square feet, were at 100 percent occupancy, according a recent issue of the Commercial Apartment Market Report from McCabe Research & Consulting.
Resale prices will start from the mid-$100,000s, causing this to be more of the affordable condo communities in Florida.
May 22nd, 2007 at 12:37 pm
[…] risk: multifamily because for the past year the supply of rental units was diminished by a wave of condominium conversions, which may not continue; and retail because consumers may cut back on their spending, much of which […]
May 25th, 2007 at 4:41 pm
[…] ideally, capture the price appreciation during the two years, which is the time it takes for the condo to be […]