Vacant 304-Unit Pembroke Pines Condo Community Trades for $20.5M
The 304-unit Heron Pond condominium community in Pembroke Pines was acquired by Integra for $20.5 million. All units located on the property have been vacated due to safety concerns, resulting in the Receivership and the termination of the Condominium Association, thereby allowing the Receiver to market and sell as a single fee simple sale.
Offered on an “as-is” basis, the site sits in an infill location in Pembroke Pines. The in-place zoning allows for up to 321 units by right, and the unit count could more than double through upzoning or a land use plan map amendment.
Avison Young and Fisher Auction arranged the sale of the condominium complex.
Avison Young John K. Crotty, David Duckworth, Michael T. Fay and Brian C. de la Fé, along with Fisher Auction Company CEO Lamar Fisher and Executive Vice President Paul Fisher, led the marketing and auction process.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout