Continental Real Estate Companies (CREC) recently sold 79 units of the Caribbean Isles Villas Condominium in Homestead, Florida for $5.22 million. With this sale, CREC sold 30 percent of the property’s 252 units.
The condo units cover a total area of 96,000 square feet, averaging 1,200 square feet in two and three bedrooms condos. The property is situated close to Florida’s turnpike, Homestead Hospital, and Publix Supermarket.
CREC brokered the deal on behalf of 13th Floor Investments, a seller which had acquired several condominiums and townhomes, including the Caribbean Isles Villas in 2008. In light of the property’s appreciation, the seller seized the opportunity to sell.
"CREC was able to maximize proceeds for the seller by implementing an aggressive hands on and grass roots marketing campaign,” said Peter Mekras, Vice President at Continental Real Estate Companies.
The buyers of the property paid in cash with no financing and were part of a collaborative venture that included parties from Guangdong, China, and Vancouver, Canada.
Continental Real Estate Companies (CREC) is one of Florida’s largest commercial real estate firms, holding a portfolio of office, retail, and multifamily homes totaling over 11.4 million square feet. The company specializes in asset and property management, tenant representation, construction management, leasing, and development dispositions and finance. This deal is one of many fractured condominium sales that CREC has successfully brokered.