Bascom Group JV Pays $79M for Metro Miami Community
Cushman & Wakefield will manage the property and oversee interior renovations.
The Bascom Group has partnered with East Hill Capital’s Duff Bedrosian to acquire Sunny Lake Apartments, a 405-unit garden-style community in Lauderhill, Fla. According to Yardi Matrix data, Bar Invest Group sold the property more than two years after purchasing it for $59 million.
Bridge Investment Group provided $66.1 million loan for the acquisition, also according to Yardi Matrix. Cushman & Wakefield will manage the 1989-built property and oversee interior renovations.
Walker & Dunlop arranged the transaction. The firm’s team that helped close the sale included Managing Director Stuart Wernick, Director Andrew Garrison and Analyst Sam Ziolkowski.
Sunny Lake encompasses 24 two-story buildings across roughly 26.5 acres at 2360 NW 56th Ave. The floorplan mix features one- to three-bedroom apartments, with units ranging from 719 to 1,129 square feet. All apartments include washers and dryers and hardwood floors. Residents have access to a gym, business center, clubhouse, tennis court and swimming pool. The property also includes a large waterscape area.
The community is 11 miles northwest of Fort Lauderdale and some 31 miles north of Miami. Florida Medical Center is less than 2 miles from the property, while an array of retail and dining options are within 1 mile.
The transaction marks Bascom’s third multifamily purchase in Florida. The property’s convenient location, along with Fort Lauderdale’s strong multifamily fundamentals and double-digit rent growth prompted the company’s decision to acquire Sunny Lake, Bascom Senior Vice President & Principal Jim Singleton said in prepared remarks.
In July, The Bascom Group expanded its portfolio with the $49.1 million acquisition of a luxury 221-unit apartment tower in metro Chicago. Earlier last month, the company also bought a three-property Las Vegas portfolio for $79 million.