Fractured condo in Sunrise sells for $23.5M

The majority of the units in the Sunpointe Springs Condominiums in Sunrise sold for $23.5 million.

The 143 condos at 7601 N.W. 42nd Place were sold by 2221 Lush Apartments, 5941 Lush LLC, FM Properties LLC, Sunrise Condo Group LLC and Lush Place 42 LLC, all affiliates of Michael Gordon and Frank Koretsky in Sunrise. The buyer was Sunrise Apartments Sunpointe LLC, managed by Jonason Greenwald of Miami-based Kerem Property Management. The price equated to $164,476 per unit.

Deme Mekras, CEO of Miami-based MSP Group, brokered the deal.

Sunpointe Springs has 15 garden-style buildings that were constructed in 1987 as apartments with 153 units. It was converted to condos in 2003, during a real estate boom when condo conversions were a big trend. The recent sellers acquired 143 units through individual deals over several years. All of the just-acquired units were already being operated as rentals.

Now, the Kerem Property Management affiliate has majority control of the property. It’s easier to manage condos as rentals when a majority of the units are owned by the same investors, since that investor now has full authority to make decisions on building improvements.

Kerem Property Management has been busy this year, including with a $30.66 million purchase of apartments and retail space in Wilton Manors, a deal also brokered by Mekras. It also bought apartments in Miami Beach.

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