64 Units at Las Olas by the River Rumored to be Largest Bulk Purchase of Condos in Fort Lauderdale History

In a deal rumored to be the largest bulk condo purchase in Fort Lauderdale, 64 units at Las Olas by the River were purchased earlier this month for $10.2 million. Fernando Levy-Hara, a managing partner of The McKafka Group, said his firm completed the purchase on July 2 in a deal with Montecito Property Co., a California-based developer. The McKafka Group is a joint venture between European investors and Aventura-based G&D Developers.

Peter Zalewski from Condo Vultures, said the deal represents the biggest bulk condo purchase in Fort Lauderdale. 


According to Levy-Hara. Of the 64 units, 62 are two- and three-bedroom units and the remaining units are models for display. The total amount of salable space is 79,607 square feet, which breaks down to a short-sale price of $164,516 per unit ~ about $130 per square foot.

Levy-Hara also states that the building was in pre-foreclosure and a short sale of the properties was approved by the building's lender, Bank of America. The Montecito Property Co. declined to comment on the transaction.

The 240-unit Las Olas by the River was built in 2005 along the New River. It is within walking distance of the Riverwalk arts and entertainment district and parts of downtown Fort Lauderdale. The website claims the design is inspired by Mediterranean architecture, .

Levy-Hara said the units were appealing because of the building's location and age and because the developer-owned units are occupied by renters. He states:  "The building is good, the location is good, and we know we can sell these [units]."
 
He also added that such condo surpluses are rare in Fort Lauderdale, compared to Miami. 

Levy-Hara concluded:"[Foreign investors] are looking for a stable economy. Believe it or not, the US is stable compared to the rest of the world."