Real Estate Notebook: Kolter near $90 million in sales at Water Club condo
A roundup of the week’s news in real estate.
The Kolter Group has sold almost half of the 161 luxiuy condos at the Water Club in North Palm Beach.
The developer says it has 78 units under contract for nearly $90 million. Prices range from $700,000 to more than $2 million. The project along the Intracoastal Waterway south of PGA Boulevard is expected to be complete next summer.
Roughly a decade ago, Kolter paid $23.5 million for the prime property next to the Our Lady of Florida Spiritual Center. It wanted to build Domani, a 77-unit luxury condo, but had to postpone the project amid the housing downturn.
Cardiology ﬁrm expands in Boca Raton Cardiac Arrhythmia Service has moved to bigger digs in Boca Raton.
The cardiology ﬁrm signed a nine—year lease for 5,000 square feet at 1200 N. Federal Highway. It was based in 1,860 square feet at 660 Glades Road.
Boca Raton-based Rosenfeld Realty Adwisors represented Cardiac in the deal. Boynton Beach apartments fetch $36.8 million La Costa, a 328-unit apartment complex in Boynton Beach, sold for $36.8 million.
Advenir, a real estate investment company, bought the community at 4101 Mahogany Drive and renamed it Advenir@La Costa. The seller was REEF, a pension fund adviser.
About six months ago, Advenir paid $30 million for what is now known as Advenir@Banyan Lakes, a 288-unit apartment community south of La Costa.
The ﬁrm said it plans to spend roughly $4 million on renovations at La Costa.
“We are conﬁdent that we can add value by ma king signiﬁcant improvements to the asset in order to garner increased rents,” Todd Linden, chief acquisition officer of Advenir, said in a statement.
Linden said the ﬁrm is looking at other acquisitions as demand for rentals increases.
Best Buy center in Broward sells for $33.7 million
An afﬁliate of the Stiles real estate ﬁrm this month sold the Coral Landings III plaza for $33.7 million.
Coral Landings Property Corp. acquired the 160,000-square-foot center bordering Northwest 62nd Avenue in Margate and West Sample Road in Coral Springs.
The Stiles entity previously bought the plaza in foreclosure and redeveloped it. Stiles said it leased space to Aldi, Starbucks, Tijuana Flats, PDQ and MD Now.
The center is anchored by Best Buy, Home Goods and Jo-Ann Fabric. Course addresses future of community associations.A seminar focusing on the future of community associations will be held Wednesday in Plantation.
The course, led by Bill and Susan Raphan for the Katzman Garﬁnkel law ﬁrm, will address such topics as technology and amenities planned for condos and homeowner’s association developments.
It will be held from 11 a.m. to 12:30 p.m. at Deicke Auditorium, 5701 Cypress Road. Call 954-486-7774 to register. Admission is free.
Homebuyer workshop planned for Sunrise. A free seminar for ﬁrst-time homebuyers is set for March 7 in Sunrise.
The event, sponsored by United Financial Counselors, will cover down payment assistance programs and credit restoration, among other topics.
It will be from 10:30 a.m. to 3 p.m. at the Sawgrass-Sunrise Doublehee Hotel, 13400 W. Sunrise Blvd. RSVP to 954-380-8517 or visit unitedcounselorsorg.
The counseling agency expects to hold similar workshops in the second and third quarters of 2015.
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