search

The Real Deal Logo

Trending

“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aSL Green, Vornado kick in $100M to extend 280 Park loanSL Green, Vornado kick in $100M to extend 280 Park loanVictor Sigoura picks up site of failed West Chelsea condo for $87MVictor Sigoura picks up site of failed West Chelsea condo for $87M
South Florida

Related sells Broward rental community for $78.5M

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.

Sign Up for the undefined Newsletter

“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

Tags
DevelopmentReal Estate CompaniesReal Estate GroupsRelated Group