The Real Deal Miami

California firm sells Tamarac
rental community

Trade breaks down to about $145,550 a unit
By Amanda Rabines | October 31, 2017 03:30PM

Bob Castro and Hidden Harbour Apartments in Tamarac (Credit: Bankers Healthcare Group)

UPDATED Nov.1, 7:40 a.m.: A 371-unit apartment complex in Tamarac just sold for $54 million, property records show.

The community, called Hidden Harbour Apartments, at 8800 Northwest 78th Court and 8900 Northwest 77th Court, traded for about $145,550 a unit.

BH/IGF Hidden Harbour Apartments, an entity of Santa Barbara, California-based Harbour Realty Partners, sold the complex to 10 companies led by Bankers Healthcare Group president and co-founder Robert T. Castro and Sophie C. Castro.

Records show the buyers financed the deal with a $35.1 million loan from Berkeley Point Capital.

BH/IGF Hidden Harbour Apartments, led by Patrick Beach, purchased the rental community in 2004 for $31.5 million, records show.

Hidden Harbour sits on a 21.2-acre site, records show. The community, built in 1988, offers one- and two-bedroom floorplans. Amenities include a clubhouse, pool, tennis court and lakeside views.

Robert T. Castro’s Bankers Healthcare Group is a financial services company that serves medical professionals. The company provides loans to doctors, pharmacists and other medical professionals throughout the nation, according to its website.

Last year, a 222-unit apartment complex in Tamarac sold for $22 million to a New York private equity investor. In June, a Class C apartment complex in Tamarac sold for $12.35 million.

Correction: A previous headline misrepresented the California firm as the buyer, and misrepresented the sales price to be $56 million.