The majority of the units in the
Sunpointe Springs Condominiums in Sunrise sold for $23.5
The 143 condos at 7601 N.W. 42nd Place
were sold by 2221 Lush Apartments, 5941 Lush LLC, FM
Properties LLC, Sunrise Condo Group LLC and Lush Place 42
LLC, all affiliates of Michael Gordon and Frank Koretsky in
Sunrise. The buyer was Sunrise Apartments Sunpointe LLC,
managed by Jonason Greenwald of Miami-based Kerem Property
Management. The price equated to $164,476 per unit.
Deme Mekras, CEO of Miami-based MSP Group, brokered the
Sunpointe Springs has 15 garden-style buildings that were
constructed in 1987 as apartments with 153 units. It was
converted to condos in 2003, during a real estate boom when
condo conversions were a big trend. The recent sellers
acquired 143 units through individual deals over several
years. All of the just-acquired units were already being
operated as rentals.
The Sunpointe Springs Condominiums in Sunrise
Now, the Kerem Property Management
affiliate has majority control of the property. It's easier
to manage condos as rentals when a majority of the units are
owned by the same investors, since that investor now has
full authority to make decisions on building improvements.
Kerem Property Management has been busy this year, including
with a $30.66 million purchase of apartments and retail
space in Wilton Manors, a deal also brokered by Mekras. It
also bought apartments in Miami Beach.