The Real Deal Miami

Related sells Broward rental community for $78.5M

The apartment property in Lauderdale by the Sea sold for about $297,000 per unit

April 10, 2016 09:15AM

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Steve Patterson

Steve Patterson

The South Florida Business Journal reported that Miami-based Related Group sold a 264-unit apartment property in Lauderdale by the Sea.

Steve Patterson, president and CEO of the multifamily and mixed-use development division of Related, told the Business Journal that the apartments sold for $78.5 million. The sale price equals about $297,000 per unit.

The new Boston-based owner, Berkshire Communities, has renamed the property Berkshire Lauderdale by the Sea. It formerly was known as Manor Lauderdale by the Sea.

“We and our investor are pretty happy with this one,” Patterson told the Business Journal. “The residents paid us more rent than we thought they would.”

Patterson also told the newspaper that Related Group held down the construction cost of the rental property by negotiating a shared-parking arrangement with the owner of an office building.

Construction of the 264-unit rental property at 2500 Northeast 65 Street in Lauderdale by the Sea was completed last year. [South Florida Business Journal] — Mike Seemuth