Bar Invest Group buys Broward apartments for $44M

Miami /
Aug.August 12, 2016 05:00 PM

Miami-based Bar Invest Group has purchased a 300-plus unit apartment complex in Broward County for $44.1 million.

Serramar, a 302-unit community at 6701-6950 West Oakland Park Boulevard in Lauderhill, sold for $146,000 per apartment. Built in 1986, Bar Invest plans to renovate the property and bring the apartments up to market rents, Executive Vice President Herve Barbera told The Real Deal. 

Norfolk, Virginia-based Harbor Group International sold the 18-acre, 22-building complex. The firm paid $24.05 million for the property in 2005. Units average 1,019 square feet, and amenities include a renovated clubhouse, two swimming pools, a fitness center, sports court, children’s playground, car care center and more, according to Harbor Group International’s website.

Bar Invest financed the deal with a $28 million mortgage from BankUnited, Barbera told TRD. “Our business model right now for 2016 is to invest in gated communities [with] 250-plus units in Broward and Palm Beach counties,” he said.

Hervé Barbera’s father, Jacques Barbera, chairman of Bar Invest, launched the Miami company in 2001. The first project was co-developing Mary Brickell Village with Constructa, which the companies sold to Quebec-based Ivanhoe Cambridge for $135 million in 2005.

Earlier this year, Bar Invest sold a 240-unit, 15-building portfolio of South Beach apartments for $59 million. The company is also planning to purchase up to two shopping centers, similar to the four it bought last year in Broward County.

Bar Invest Group also owns apartments in Miami and North Beach and is developing Aquarela in Little Havana.

Apartments are a hot commodity in South Florida: more than $4 billion of multifamily properties have sold in South Florida from January to June, with the majority of those deals struck in suburban parts of Fort Lauderdale, West Palm Beach and Miami.

The South Florida Business Journal first reported the sale.


Related Articles

arrow_forward_ios
Invesca Development Group’s Bernard and Michael Hsiao with the development site at 4300-4400 Northwest Ninth Court in Plantation (Invesca, Google Maps)
Invesca scores $77M construction loan for Plantation rentals
Invesca scores $77M construction loan for Plantation rentals
From left: Isaac Toledano, Teddy Sagi, Jorge Pérez and Michael Masanoff with a rendering of Transit Village (Related, LinkedIn, Rendering via Arquitectonica)
Pérez and Sagi’s Transit Village in WPB advances
Pérez and Sagi’s Transit Village in WPB advances
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
MG Developer's Alirio Torrealba with 3191 Southwest 39th Avenue and 3160 Southwest 38th Court (LinkedIn, Google Maps)
MG completes Miami apartments dev site assemblage
MG completes Miami apartments dev site assemblage
Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group's Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne (Cushman & Wakefield, Rockpoint, Related Group, Wikipedia, Lincoln Property Group)
Lincoln Property pays $194M for newly built Boca apartments
Lincoln Property pays $194M for newly built Boca apartments
Metronomic's Kelly Beam with 3265 Bird Avenue (Metronomic Holdings, Google Maps)
Embattled developer’s Coconut Grove rentals head to auction
Embattled developer’s Coconut Grove rentals head to auction
Lissette Calderon with 2301 Northwest 33rd Avenue
Calderon pays $32M for dev site near Beckham soccer stadium
Calderon pays $32M for dev site near Beckham soccer stadium
Grant Cardone (Photo courtesy of Cardone)
How Grant Cardone built a real estate empire with other people’s money
How Grant Cardone built a real estate empire with other people’s money
arrow_forward_ios

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

Loading...