Bascom Group JV Pays $79M for Metro Miami Community

Cushman & Wakefield will manage the property and oversee interior renovations.
Sunny Lake Apartments. Image courtesy of The Bascom Group

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.

Property characteristics

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.