Bar Invest Group buys Broward apartments for $44M

Lauderhill complex last sold for $24M in 2005

TRD 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
From left: A rendering of Deco Green and developer Ricardo Hernandez, and a rendering of Element with developer Norman Weinstein (Credit: Dominick Ranieri Architect and Rosemurgy Properties)

Lake Worth Beach CRA approves two apartment complexes

Lake Worth Beach CRA approves two apartment complexes
4 West Las Olas

Fort Lauderdale developers score $92M bridge loan for rental tower

Fort Lauderdale developers score $92M bridge loan for rental tower
An aerial view of the property (Credit: Google Maps)

Mixed-use multifamily project proposed for central Palm Beach County

Mixed-use multifamily project proposed for central Palm Beach County
A rendering of 14752 Northeast Sixth Avenue

Global One plans housing project near North Miami

Global One plans housing project near North Miami
Hollywood East and Vivian Dimond

Former H3 Hollywood rental tower lands $58M refi ahead of completion

Former H3 Hollywood rental tower lands $58M refi ahead of completion
6365 W 24th Ave, Hialeah (Credit: Google Maps)

Miami investor buys Hialeah apartments for $13M

Miami investor buys Hialeah apartments for $13M
450 Northeast Fifth Street (Credit: Google Maps)

Jenco Properties pays $68M for Flagler Village apartments

Jenco Properties pays $68M for Flagler Village apartments
410 Southeast 16th Court, Fort Lauderdale

Fort Lauderdale apartment building get TCO, begins leasing

Fort Lauderdale apartment building get TCO, begins leasing
arrow_forward_ios

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

Loading...