Milbrook Properties Acquires Fort Lauderdale Asset for $58M
- Feb 28, 2020
Milbrook Properties has purchased Serramar Apartments, located in Fort Lauderdale, Fla., from Bar Invest Group for $58 million.
The gated community consists of 23 two-story residential buildings with 302 one-and two- bedroom units in total. The Serramar Apartments provide residents with access to the Florida Turnpike and amenities such as a residential clubhouse, a tennis court, a playground, two swimming pools, on-site laundry facilities, a fitness center and parking.
Bar Invest Group was represented by Newmark Knight Frank’s Vice Chairmen Hampton Beebe and Avery Klann, as well as Director Jonathan Senn, during the transaction.
Built in 1986, Serramar Apartments underwent renovations shortly after Bar Invest Group purchased the community back in 2016 for $44.1 million, from Harbor Group International. The transaction averaged $141 per square-foot, whereas Milbrook Properties’ purchase was for $185 per square-foot, according to Yardi Matrix. The community was purchased at a 95 percent occupancy rate.
Last November, another Fort Lauderdale community traded for $103 million.