Vertica Commercial Advisors (VCA), a subsidiary of Tampa, Florida based Vertica Partners, has arranged another bulk condominium sale in Florida. The transaction was for 146 of 460 units in the Palms Club condominium community located at 5584 Metrowest Boulevard in Orlando, Florida for $15,300,000 between a Florida based seller and out-of-state investment firm.
The community was built in 1999 and was a failed condominium conversion dating back to the peak, and subsequent crash, of the real estate market in 2007. The seller originally acquired 167 units in 2012 and sold a handful of units individually before deciding to sell the remaining units in bulk to a single investor.
According to VCA principal T. Sean Lance “The buyer is a long-time client of ours and they acquired the community at a steep discount to replacement costs. The new owner will continue to operate the units as rentals and add value with an extensive interior unit upgrade plan.”
Vertica has also been retained exclusively to represent the buyer in acquiring additional investor owned units in the community through its in-house Condo Repurchase Program.
“Vertica’s ability to continue to add value by representing the buyer on additional unit acquisitions is unique to this niche industry. No other commercial brokerage offers the depth of knowledge in the condo space than Vertica. To date, we have exclusively represented institutional owners of fractured communities to repurchase units in over 60 communities across every market throughout Florida.” stated VCA principal, Max Boehmer.
Vertica Partners is a vertically integrated investment, advisory and development firm based in Tampa, Florida. Vertica Commercial Advisors is Florida’s fractured condominium leader with more than 8,000 fractured units transacted since 2010. Vertica’s principals currently have nearly $100 million in projects under development, more than $1.6 billion in transaction history and have provided advisory services on more than $3.5 billion in development projects throughout the southeastern United States.