Miami's JSSH 1 LLC buys Whispering Palms units

BUYER: Whispering Palms HP LLC (principal: Hubert Weisslinger), Miami

SELLER: Whispering Palms Condominium LLC

PROPERTY: 13200 Wilcox Road, Largo

PRICE: $3.12 million

LAW FIRM ON DEED: Cosculluela & Marzano PA, Miami Lakes

PLANS, DESCRIPTION: JSSH 1 LLC, a Miami group with close ties to European investors, purchased 59 units in the Whispering Palms Condominiums in Largo for $3.12 million.

The price equated to $52,881 per unit and $53 per square foot.

Bob Goldfinger, Darron Kattan, and Kevin Kelleher of Franklin Street represented seller Whispering Palms Condominium LLC, the investment group that developed the 108-unit condominium.

Built in 1987, the development features nine buildings with either two or three stories. All of the units in the complex are two-bedroom, two-bathroom flats with 1,000 square feet each.

“The developer maintained the property well and the condo stayed in sound financial condition as the current unit owners continued to pay the HOA fees along with the developer,” Goldfinger says in a press release. “This owner decided early on to start renting the unsold units and by keeping the property in good operating and financial condition, they avoided foreclosure during a time period when fractured condos where selling at ultra distressed pricing.”

Whispering Palms was 46% owned by private parties at the time of purchase.