The Real Deal Miami

Canadian investors sell Broward apartments

South Florida-based investors paid $6M for the property

June 03, 2015 10:30AM
By Sean Stewart-Muniz

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The Camelot West Apartments in Broward County

The Camelot West Apartments in Broward County

A Canadian group made a cool $1.3 million after selling the Camelot West Apartments in Wilton Manors.

Brass Enterprises, a Toronto-based company that acquires apartment complexes, first purchased Camelot for $4.7 million in 2012. Three years later, the firm traded it for $6 million to TamuzUSA, a South Florida-based management and investment company that specializes in buying foreclosure properties.

Camelot has 73 rental units spread over four two-story buildings. Most of them are one-bedroom, one-bathroom units, with two studios and 17 dozen two-bedroom, two-bathroom units evening out the mix.

The complex also has seven office units with ground-floor access.

Marcus & Millichap Daniel J. Cunningham and Derek R. Gibbs brokered the sale for Brass.

“This was a great opportunity for an investor to acquire a stabilized 73-unit apartment community in the attractive niche rental market of Wilton Manors,” Cunningham said in a statement. “The property will benefit from Wilton Manors’ growing rental demand trend and long-term outlook.”

Brass got its start buying apartment complexes in Saskatchewan, Canada, and began investing heavily in Toronto. The firm saw heavy gains, as it says on its website, and sold almost all of its Toronto investments within four years of their purchase.

Over the past three years, Brass has started investing in South Florida, and has now turned its attention to Austin, Texas.