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.