While known for its work in converting premium Chicago rental properties into successful condominiums, Draper and Kramer uses these skills in many other cities.
The Floridian in Miami’s South Beach neighborhood is a good example. Our Research and Analysis group analyzed the market and the potential for converting this property, determining it was a good opportunity.
We purchased The Floridian in December 2003. This was done with the assistance of Draper and Kramer’s Commercial Mortgage group, and other investors that included noted money fund company Carlyle Group. Then we began the work of converting The Floridian’s 334 units – and will complete them within 12 months.
Working with a local partner, we quickly finalized our marketing plan and began an advertising and public relations campaign. The “buzz” created around The Floridian had people lining up at the sales center the night before it was scheduled to open. About 100 people were waiting when the doors opened the next day. All of the units are expected to be sold by December 2004.
Working with strong internal and external partners, Draper and Kramer’s Condominium Conversions group has helped The Floridian exceed the expectations of everyone involved – within a year of its purchase.
Learn More
Bill Van Senus
Senior Vice President
Development Group
312.580.6545
Bill.Van_Senus@draperandkramer.com
Draper and Kramer: A Tradition of Innovation in Condominium Conversions
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