Berger Commercial Realty Facilitates $3.8 Million Sale of Coral Cay Apartments Near Fort Lauderdale Beach
The property is slated for redevelopment into a boutique beach hotel
FORT LAUDERDALE, Fla. (August 19, 2019) – Berger Commercial Realty/CORFAC International Senior Vice President Steve Hyatt recently represented Colony Apartments, Inc. in the sale of Coral Cay to Contentus North Beach, LLC for $3.8 million. Following the closing on August 1, the 26-unit building is slated for redevelopment into a boutique beach hotel.
“For the last 50 years, Coral Cay was used as a private timeshare for a group of shareholders from the Midwest,” Hyatt said. “The buyer was attracted to the property’s proximity to Fort Lauderdale Beach and its location in the heart of the fast-growing and trendy North Beach area, which is undergoing massive redevelopment into a contemporary seaside village with upscale condos, hotels, restaurants and retail space.”
Located at 701 and 709 Orton Ave. in Fort Lauderdale, Coral Cay is a two-story, 7,116-square-foot apartment building situated on a 25,000-square-foot lot. The property includes a pool, sun deck and large grass recreation area.
For more information about Berger Commercial Realty’s brokerage services, call 954-358-0900.