The Real Deal Miami

Investors traded North Lauderdale apartments for $29.5M

Deal breaks down to $117,063 per unit

March 10, 2016 06:00PM
By Sean Stewart-Muniz

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The Park View Apartments in North Lauderdale

The Park View Apartments in North Lauderdale

The owners of a North Lauderdale apartment complex just sold the property for $29.5 million — a huge gain from the paltry $4 million they paid for it in 1993.

Included in the sale was the Park Plaza Apartments at 8100-8260 Southwest 22nd Street, according to Broward County property records.

The five-building complex has 252 apartments and was built in the 1970s. It was most recently owned by a company called Park Plaza Associates, with MSL Property Management listed as its general partner.

Records show Park Plaza Associates paid $4 million for the apartments in 1993. That’s about $15,873 per unit.

Now, after 23 years, the property has traded hands to a company called One Park Plaza. The purchase price of $29.5 million breaks down to $117,063 per unit —- more than seven times what Park Plaza Associates originally paid.

Apartments at the complex range in size from 694 square feet to 1,084 square feet, according to MSL Property Management’s website. Rents start at $959 a month and go up to $1,325 for the larger units.

The community has a pool, four tennis courts, Starbucks coffee bar, playground, volleyball court and barbecue area.