La Via Units Sell for $55,000 Each [South Florida]
A foreign investor has purchased 26 units at the La Via Condominium complex in Pembroke Pines for just over $1.4 million, or $55,000 per unit, in an all-cash transaction. Atlanta-based Apartment Realty Advisors Inc., which arranged the sale, expects to see more such fractured condo purchases throughout Florida in the coming year.
“We will see more all-cash deals from both local and foreign investors,” Avery Klann, senior vice president of ARA’s Florida division office in Boca Raton, tells GlobeSt.com. He says offshore investors are seeking opportunities within the US multifamily sector while domestic buyers are having difficulty arranging financing during the ongoing credit freeze.
Shaoul Mishal, president of Israel-based Gamla-Cedron Group, bought the remaining units at La Via, which amount to roughly 10% of the 250 total units on site. The former Green Key apartment complex was converted to condos in 2005 and all other units were sold over the past three years, at $230,000 each, to owner-occupants, buyers renting out their units and absentee investors.