The Real Deal Miami

Lauderhill apartments sell at loss: $12M

Buyer paid $1.6M less than last sale
The Royal Palms at Inverrary apartment community in Lauderhill

The Royal Palms at Inverrary apartment community in Lauderhill

An apartment complex in Lauderhill was recently sold for $12 million — a significant price cut from its last transaction seven years ago.

The Royal Palm at Inverrary community, which houses 208 units, was purchased by a company linked to Alvarez Santiago of Hialeah. He shares an address with Alvarez Santiago Construction, a general contracting company.

Broward County records show that Santiago financed the deal with a $9 million loan from City National Bank of Florida.

Royal Palm, at 2900 Northwest 26th Street, is a four-building complex that was built in 1977. It’s been owned for the last seven years by an LLC led by Ruth E. Gerstle of Dania Beach.

Gerstle paid $13.6 million to acquire the community in 2008. The deal at that time worked out to $65,384 per unit. Now, the company has sold Royal Palm for $57,692 per unit.