The Real Deal Miami

Retirement community in Broward trades for $27M

Pillar Multifamily LLC granted the buyer a $24.3 million mortgage
Gateway Terrace apartments and parking lot in Fort Lauderdale

Gateway Terrace apartments and parking lot in Fort Lauderdale

Memphis, Tennessee-based Housing Preservation Inc. has added a waterfront Fort Lauderdale apartment complex to its portfolio, Broward County records show.

A limited partnership tied to the affordable housing nonprofit paid $27 million for the 256 apartments and 40,723-square-foot parking lot.

The low-rise apartment buildings, at 1943 Northeast Sixth Court, sit on nearly 7.5 acres. The Gateway Terrace apartments were constructed between 1958 and 1964, and span 168,870 square feet, Broward County property records show. The parking lot is across the street at 631 Northeast 19th Avenue.

Previous sales information was not available in county records.

Pillar Multifamily LLC granted the buyer a $24.3 million mortgage, according to county records. Housing Preservation Inc. has properties in Winter Haven, Tampa and Atlanta, among other cities in the United States.

Gateway Terrace Inc. sold the property. The company is affiliated with Westminster Communities of Florida, a religious senior living nonprofit. Gateway Terrace was its only South Florida community.