The Real Deal Miami

CA fund pays $44.75M for Lauderhill apartments

Fund was established for workforce housing

August 31, 2015 09:45AM
By Sean Stewart-Muniz

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The Glen at Lauderhill rental community, located at 2360 Northwest 56th Avenue

The Glen at Lauderhill rental community, located at 2360 Northwest 56th Avenue

A California-based real estate investment fund has closed on a $44.75 million deal for an apartment community in Lauderhill.

The 405-unit community is named The Glen at Lauderhill, first built in 1989 and totally devastated by Hurricane Wilma in 2005. It was at that time called The Villas at Lauderhill, and reports from the Sun Sentinel say the community struggled to recover. Residents were ordered to evacuate by city officials due to unsafe conditions in 2008, and the Villas were lost to foreclosure that same year.

Priderock Capital Partners, a development company headquartered in West Palm Beach, took on the task of rehabilitating the complex after acquiring it at auction for an unknown amount. The company rebranded it Glen at Lauderhill, and began a series of structural repairs within two months of signing the deed. The bond amount for the work was $7.5 million, according to Broward County property records.

Now, Priderock has sold the 26-building community at 2360 Northwest 56th Avenue to an affiliate of the Turner Multifamily Impact Fund, property records show.

The fund is managed by Turner Impact Capital, an investment firm that seeks to turn a profit off of real estate acquisitions while also improving social inequities, such as the lack of workforce housing in the United States, according to its website.

That is the case with this particular purchase. Earlier this year, the Multifamily Impact Fund set out to purchase $1 billion in multifamily assets, intending to address the “critical need for affordable rental housing in major urban markets through the acquisition, preservation and enrichment of workforce housing,” according to a news release from the firm’s website.

It made good on those intentions in June, when the fund paid $56 million for a 599-unit rental community in our nation’s capital with plans to stabilize rent and implement health and education programs, according to the Washington Business Journal.

As of Monday morning, the Glen at Lauderhill’s website is no longer functioning. Archived versions of the website show that units ranged in size from 719 square feet to 1,129 square feet, with monthly rental rates from $1,020 and up.