N.H. Condo Converter to Pay $23.2 Miln For Fla. Apartment Complex

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Wednesday, May 03, 2006

Brady Sullivan Properties Inc. has agreed to pay $23.2 million for the Belvedere Apartments, a 162-unit residential complex in Naples, Fla., with plans to convert the property to condominiums. The Manchester, N.H., firm is buying the property from America First Apartment Investors Inc., an Omaha, Neb., REIT. The complex, which was built in 1985, sits at 260 Quail Forest Blvd. It is 99 percent leased with an average unit size of 829 square feet. The sale is expected to close this quarter. The REIT expects to realize a gain of about $15 million from the sale.