Fort Lauderdale-Area Community Trades for $59M
- May 15, 2019
Bar Invest Group Inc. has acquired The Glen at Lauderhill, a 405-unit apartment property in the Fort Lauderdale suburb of Lauderhill, Fla. Turner Impact Capital sold the property for $59 million, according to Yardi Matrix data.
HFF marketed the 24-building Broward County asset exclusively on behalf of the seller and procured the buyer. Managing Director Jaret Turkell, Senior Director Maurice Habif, Director Simon Banke and Analyst Jo Rousseau led the HFF investment advisory team.
Built in 1989, the community is located at 2360 NW 56th Ave., adjacent to the Florida Turnpike, and less than 6 miles away from downtown Fort Lauderdale. The Glen at Lauderhill, since renamed Sunny Lake, offers one-, two- and three-bedroom units averaging 978 square feet.
Amenities include a swimming pool, clubhouse, tennis court, dog park, 24-hour fitness center and business center with coffee bar. The community was 97 percent occupied at the time of closing, according to HFF.
Turner Impact Capital had purchased the asset from Priderock Capital Partners in 2015. The new owner has bought into more than 1,500 residential units and more than 600,000 square feet of retail properties across the U.S.
Fort Lauderdale multifamily going strong
Investors registered strong interest last year in the Fort Lauderdale multifamily market, which encompasses the city of Lauderhill, according to a Yardi Matrix report. The area saw $900 million of assets changing hands in the 12 months through October 2018, compared to $770 million for Miami.
This past March, TGM chalked up its first acquisition in Fort Lauderdale by acquiring Broadstone Harbor Beach, a 394-unit waterfront community from Alliance Residential Co., rebranding the property as TGM Harbor Beach.
In the previous month, a joint venture between developer Morgan Inc. and institutional investors advised by J.P. Morgan Asset Management opened Pearl Flagler Village, an upscale 350-unit rental community in Fort Lauderdale’s emerging Flagler Village neighborhood.