Wellington Condominium Conversion

Perry & Co. has arranged for $14.9 million in acquisition and condo conversion financing for the Forest Club Apartments. The 120-unit rental community is at 711 Forest Club Drive in Wellington. The $15 million purchase price amounts to $125,000 a unit. The Forest Club rental project, built in 1987, has six two-story buildings with a net rentable area of 124,400 square feet. Sales of the individual units are expected to begin within 30 days, with sale prices ranging from $169,900 for the two-bedroom/one-bath units to $179,900 for the two-bedroom/two-bath units. Amenities for the project include two tennis courts, a swimming pool, a clubhouse, recreational area and 240 parking spaces. Interior units have ceiling fans, crown moldings, full washer/dryers, patios and balconies.

Posted by Donald Urschalitz P.A. at June 10, 2005 03:32 PM