Integra buys 304 evacuated Pembroke Pines condos for $20.5M
Roughly $67,000 a door for 25 acres of Broward dirt. This is what South Florida's unsafe-condo pipeline actually delivers to a buyer with patience.
Integra Investments won the court-run auction for Heron Pond, the 304-unit Pembroke Pines condominium complex at 8400 Southwest First Street that the city ordered emptied in 2024, paying $20.5 million. The Miami firm had set the floor as stalking-horse bidder and held it through a failed $24 million outbid and a federal appeal.
Why it matters
South Florida’s aging condo stock is not a housing story for developers, it is a land pipeline, and Heron Pond is the cleanest example yet of how it clears. Built in 1988 as the Runaway Bay garden apartments and later converted to condominiums, the property was condemned after a July 2024 engineering report found visible structural damage along with inadequate original design and construction, and raised doubt the 19 two-story buildings would hold up in high winds. Termite damage and rotted wood beams were also cited. Residents of all 304 units were out by August 29, 2024.
What Integra bought is 25-plus acres of Broward land at roughly $67,000 a door, or well under a million dollars an acre, in a county where entitled multifamily dirt does not trade at those numbers. The catch is time and process risk, which is exactly the trade a patient sponsor is set up to make.
The numbers
$20.5 million for more than 25 acres and 19 buildings. Current zoning allows up to 321 units, and Integra believes that could roughly double with upzoning or a land use plan map amendment. Avison Young principals John Crotty, David Duckworth, Michael Fay and Brian de la Fé marketed the receivership sale with Fisher Auction Co. Federated Foundation Trust tried to top the bid at $24 million but could not fund it, and an appeals panel affirmed the sale in a March 20 opinion.
“The competitive process ultimately led to an outcome that maximized value and provided a clear path toward redevelopment,” Crotty told Bisnow.
What’s next
Integra has said it will spend about two years on entitlements, then develop, partner or sell. It is the firm’s second South Florida site in a week, after the $72.4 million Safe Harbor Rybovich marina buy in West Palm Beach. More South Florida coverage.