Peninsula on the Intracoastal, a 70-unit luxury rental in Boynton Beach, has traded hands for $22.5 million.
The new owners, Pordes Acquisitions and Peninsula Boynton Property LLC, said Monday they will market the units for sale within the next month.
The 40 condominiums will range from $540,000 to $795,000, while 30 townhomes will be priced from $390,000 to $525,000.
“It’s a tremendous value being on the water compared to Miami and Fort Lauderdale,” said Mark Pordes, head of Aventura-based Pordes Acquisitions. “I’ve been tracking this deal for over a year. It was a real gem, just sitting there.”
A Deerfield Beach developer bought the land, a former mobile home site, and started building in 2010 before losing the property in foreclosure.
The Altman Cos., a Boca Raton-based company, acquired the partially completed complex in partnership with Miami-based Integra Solutions for $8.3 million.
Altman finished the project by building the last 20 townhomes.
Pordes said Peninsula on the Intracoastal, at 2700 N. Federal Highway, is about 90 percent leased. Existing tenants will have the first chance to buy the two, three- and four-bedroom units, he said.
The condo conversion will be well-received, analysts say.
Investors have been snapping up South Florida condos, leaving relatively few units available.
While more condos are being built across the region, many of them likely won’t be ready for at least 18 months, said Peter Zalewski, head of the CondoVultures.com consulting firm.
“Demand for condos has been increasing and is likely to increase in 2014,” he said. “It’s right time, right place for this particular project.”
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