CA fund pays $44.75M for Lauderhill apartments

Miami /
Aug.August 31, 2015 09:45 AM

A California-based real estate investment fund has closed on a $44.75 million deal for an apartment community in Lauderhill.

The 405-unit community is named The Glen at Lauderhill, first built in 1989 and totally devastated by Hurricane Wilma in 2005. It was at that time called The Villas at Lauderhill, and reports from the Sun Sentinel say the community struggled to recover. Residents were ordered to evacuate by city officials due to unsafe conditions in 2008, and the Villas were lost to foreclosure that same year.

Priderock Capital Partners, a development company headquartered in West Palm Beach, took on the task of rehabilitating the complex after acquiring it at auction for an unknown amount. The company rebranded it Glen at Lauderhill, and began a series of structural repairs within two months of signing the deed. The bond amount for the work was $7.5 million, according to Broward County property records.

Now, Priderock has sold the 26-building community at 2360 Northwest 56th Avenue to an affiliate of the Turner Multifamily Impact Fund, property records show.

The fund is managed by Turner Impact Capital, an investment firm that seeks to turn a profit off of real estate acquisitions while also improving social inequities, such as the lack of workforce housing in the United States, according to its website.

That is the case with this particular purchase. Earlier this year, the Multifamily Impact Fund set out to purchase $1 billion in multifamily assets, intending to address the “critical need for affordable rental housing in major urban markets through the acquisition, preservation and enrichment of workforce housing,” according to a news release from the firm’s website.

It made good on those intentions in June, when the fund paid $56 million for a 599-unit rental community in our nation’s capital with plans to stabilize rent and implement health and education programs, according to the Washington Business Journal.

As of Monday morning, the Glen at Lauderhill’s website is no longer functioning. Archived versions of the website show that units ranged in size from 719 square feet to 1,129 square feet, with monthly rental rates from $1,020 and up.


Related Articles

arrow_forward_ios
Rendering of Prospect's plans to develop Advantis Lauderhill and Prospect's Navish Chawla (Prospect Real Estate Group, Getty)
Prospect plans Lauderhill project with up to 275 apartments
Prospect plans Lauderhill project with up to 275 apartments
From left: Principal Jeffrey Ardizon and Estate Managing's Principal Robert Suris with 5451-5575 North University Drive
Estate Cos. lands $93M construction loan for Lauderhill apartments
Estate Cos. lands $93M construction loan for Lauderhill apartments
Vivian Dimond with the rendering of the Le Parc at Lauderhill development (Vivian Dimond, iStock)
Lauderhill fattens tax break for Le Parc, Vivian Dimond’s planned 330-unit multifamily development
Lauderhill fattens tax break for Le Parc, Vivian Dimond’s planned 330-unit multifamily development
Lee Associates' Matthew Jacocks along with a rendering of the 441 Arthouse project (Lee Associates, iStock)
Developers plan Lauderhill mixed-use, multifamily development with 245 units
Developers plan Lauderhill mixed-use, multifamily development with 245 units
Circle One Condominium  (CoStar)
Miami firm buys 154 Lauderhill condos in bulk $17M deal, plans revamp
Miami firm buys 154 Lauderhill condos in bulk $17M deal, plans revamp
 Serramar Apartments at 6701-6950 Landings Drive in Lauderhill, FL. (Realtor.com)
Clarion Partners buys Lauderhill apartments for $72M
Clarion Partners buys Lauderhill apartments for $72M
Treevita Capital’s chief executive director Hugo Cascavita and the Victoria at Lauderhill apartment complex at 2011-2051 Northwest 43rd Terrace in Lauderhill (Apartments.com, LinkedIn)
North Miami Beach investor acquires Lauderhill apartments for $13M
North Miami Beach investor acquires Lauderhill apartments for $13M
From top to bottom: Bascom Co-Founders and Principals Derek Chen, David Kim and Jerry Fink with the apartment complex (Bascom)
Bascom, Leste buy Lauderhill apartments for $79M
Bascom, Leste buy Lauderhill apartments for $79M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...