Colombian fund manager closes on bundle of Lauderhill townhomes

Miami /
Mar.March 09, 2016 02:15 PM

Building Block Partners, a Colombian pension fund manager, has closed on six units at a newly completed townhome community, Cassa at Georgetown, in Broward County.

The $1.3 million investment marks the first in the United States for Building Block, managing director Juan Manuel de Pombo told The Real Deal. He said the units will create a reliable yield for the pension fund over several years. “The rent we will get from it is what we are looking for,” he told TRD.

The pension fund has been looking at investing in Florida for the past two years and has plans to invest with The Solution Group on a similar project. Building Block has roughly $500 million under management, de Pombo said.

For the second consecutive month, Colombia has led the world in consumers searching for South Florida real estate in January, according to the Miami Association of Realtors.

The 118-unit Cassa at Georgetown is located at 3593 Northwest 13th Street in Lauderhill. TSG Paragon Development completed the complex, which sold for an average of $165 per square foot, according to a press release. The joint venture is between The Solution Group and Paragon Group.

Camilo Lopez, CEO and managing partner of The Solution Group, said the development sold to a majority of investors renting out their units to blue collar workers such as police officers and teachers. It had an expected sellout of $30 million. “I wish I could build another community like this, but the price of land is too expensive,” Lopez told TRD in February.

Rents range from about $1,350 to $1,700 a month and units are sized between 1,300 square feet and 1,400 square feet.

Compass Bank bought out the development site in 2010 for $7.4 million. TSG Paragon later bought the project and began building Cassa at Georgetown, which was designed by architect Carlos Ponce de Leon. The Solution Group is also developing Ofizzina, a luxury office condo tower in Coral Gables, and recently topped off Cassa Brickell.


Related Articles

arrow_forward_ios
From left: Edgardo Defortuna, Ana Gomez, Alicia Cervera Lamadrid, and Craig Studnicky (LinkedIn, Cervera, iStock)
“Get your money out now”: Miami brokers target Colombian buyers after leftist’s election
“Get your money out now”: Miami brokers target Colombian buyers after leftist’s election
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
Vlad Doronin (Getty / Photo illustration by Priyanka Modi)
Developer Vlad Doronin distances himself from Russia’s war on Ukraine
Developer Vlad Doronin distances himself from Russia’s war on Ukraine
 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
Qatari owner of St. Regis Bal Harbour pays off Reuben Brothers with $188M refi
Qatari owner of St. Regis Bal Harbour to pay off Reuben Brothers with $188M refi
Qatari owner of St. Regis Bal Harbour to pay off Reuben Brothers with $188M refi
Regalia, Unit 10 (Regalia Sunny Isles, Condos & Condos)
Brazilian fertilizer mogul puts down roots in Sunny Isles Beach
Brazilian fertilizer mogul puts down roots in Sunny Isles Beach
arrow_forward_ios

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

Loading...