The Real Deal Miami

Lauderhill apts nearly quadruple last recorded sale: $8.4M

TotalBank won foreclosure judgment on property in 2011

September 08, 2015 01:30PM
By Sean Stewart-Muniz

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The Kings Row apartments in Lauderhill

The Kings Row apartments in Lauderhill

A pair of Lauderhill apartment buildings, once lost to foreclosure, have been sold for $8.4 million.

The apartment community is named Kings Row, first built in 1970 and re-sold twice in 1999 and 2001. Its 120 units are split evenly between two rectangular buildings with central courtyards.

The seller, an LLC named after the buildings’ addresses, acquired Kings Row at auction after the previous owner lost it to a foreclosure judgment initiated by TotalBank, according to Broward County property records.

After that, the new ownership, headed by Axel and Herbert Jordan, began a renovation project for the buildings at 1620 and 1700 Northwest 46th Avenue. They re-roofed the buildings, put in smoke detectors and remodeled both of the community’s pools, records show.

Marcus & Millichap agents Derek Gibbs, Daniel Cunningham and Eric Richardson

Marcus & Millichap agents Derek Gibbs, Daniel Cunningham and Evan Richardson

Though it’s unknown how much the Jordan family paid for Kings Row, the $8.4 million they’re reaping from the sale is a large premium over what the community sold for before its foreclosure judgment.

Its last recorded sale was for $2.265 million in 2001. That equates to $18,877 per apartment. The latest sale blows past that, breaking down to $70,000 per unit.

The seller was represented by Daniel J. Cunningham, Derek R. Gibbs and Evan Richardson of commercial brokerage Marcus & Millichap, according to a release. The deal has not yet been recorded in county records, so the buyer is unknown.

“Investors remain especially interested in properties that offer operational upsides in older primary areas,” Cunningham said in a statement. “Kings Row presented the opportunity to acquire a stabilized apartment community in a central location with upside through raising rents to market value.”