Integra Investments closed on a 37-year-old condo complex in Broward County deemed unsafe for occupants after years of back-and-forth with the court-appointed receiver.
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Miami-based Integra purchased the 304-unit, 19-building Heron Pond in Pembroke Pines for $20.5M in a court-appointed receivership auction, according to a release.
Heron Pond, originally built in 1988 as an apartment complex before being converted into condos in 2000, has been vacant since summer 2024, when the city declared the building unsafe and residents were forced to evacuate.
Residents had been dealing with severe maintenance issues like termite damage, rotted wood beams, design flaws and construction that couldn't withstand high winds.
Avison Young principals John Crotty, David Duckworth, Michael Fay and Brian de la Fé led the marketing and auction process, along with Fisher Auction Co. CEO Lamar Fisher, President Francis Santos and Executive Vice President Paul Fisher.
“The competitive process ultimately led to an outcome that maximized value and provided a clear path toward redevelopment of this unique infill site," Crotty said in a statement. "In today's market, opportunities of this size and scale in Broward County are exceptionally rare.”
The complex was first approved to sell in August 2024 when the receiver, Daniel Stermer, ruled that repairs would be too costly and selling the site was the best option.
Those plans were put on pause when two condo owners sued the receiver, essentially blocking the action.
Heron Pond was scheduled in June 2025 to hit the auction block as the team pursued a condo termination, and a month later, Integra Investments entered the race as a stalking horse bidder with a $20.5M offer for the 25-acre site at 8400 SW First St.
But the sale was halted again when Federated Foundation Trust, which owned more than 100 units at the complex, challenged the process by claiming that it was unfairly prevented from bidding, The Real Deal reported.
A judge gave Federated a chance to outbid Integra with a $24M offer, but the company was unable to come up with the funds.
The site's zoning allows for up to 321 units, which could double with upzoning or utilizing a land use plan map amendment, according to the release.
Crotty told Bisnow in a statement that Integra will move forward with obtaining entitlements for the property, which could take up to two years. At that point, it will decide whether it wants to develop the site on its own, find a partner or sell it.
