Integra has acquired the Heron Pond condominium community in Pembroke Pines in a bulk transaction totaling 304 units for $20.5 million. The condo property was marketed and sold as a single fee simple asset rather than as individual units, reflecting an atypical disposition structure for a for-sale residential community.
The complex was fully vacated prior to the transaction due to safety concerns affecting all units at the property. Those conditions led to the appointment of a Receiver and the termination of the Condominium Association, which in turn enabled the Heron Pond community to be offered and transferred in one consolidated sale. The deal illustrates how governance changes and court-appointed oversight can reshape the disposition path for a fractured condominium asset.
The property was offered on an as-is basis, signaling that the buyer is assuming responsibility for any remediation and capital needs associated with the vacated community. Despite those challenges, Heron Pond benefits from an infill location within Pembroke Pines, positioning the site within an established residential environment rather than on the fringe of new development.
Existing zoning at the site allows for up to 321 residential units by right, modestly above the current 304-unit configuration. The marketing materials also highlighted that the total unit count could more than double if future upzoning or a land use plan map amendment were to be secured. While no specific redevelopment or repositioning plan was disclosed, the entitlements framework was a key attribute of the offering and a potential driver of buyer interest.
Avison Young and Fisher Auction Company jointly arranged the sale of the Heron Pond condominium community. The marketing and auction process was led by Avison Young professionals John K. Crotty, David Duckworth, Michael T. Fay and Brian C. de la Fé. They were joined by Fisher Auction Company CEO Lamar Fisher and Executive Vice President Paul Fisher, who also played central roles in bringing the transaction to completion. The collaboration between a full-service brokerage firm and a specialist auction platform underscores the structured-sale approach used to dispose of this receivership asset.
