The Real Deal Miami

Investor Meir Benzaken sells apartment community in Fort Lauderdale for $9.6M

The 24-building property traded for $100k per unit
By Amanda Rabines | March 01, 2018 04:30PM

The Carter Apartments (Credit: Exclusive Management & Properties)

Commercial real estate investor Meir Benzaken just sold a 96-unit garden apartment community in Fort Lauderdale for $9.6 million in an off-market deal.

Miami-based investor Eli Ran, through the entity BSD Carter Park LLC, purchased the Carter Apartments at 700 and 745 Northwest 14 Terrace, property records show. The 24-building property traded for $100,000 per unit. The complex is east of I-95 and south of West Sunrise Boulevard.

Records show Benzaken bought the rental community in 2015 for $5 million. He said he made a series of upgrades to the property, including fixing some leaking roofs and replacing the windows.

The complex traded nearly fully leased, according to Benzaken. Monthly rents currently range from $995 to $1,100, up from $650 to $700 when he bought the property, he said.

Records show the buyer financed the deal with an $8.5 million loan from Boston-based UC Credit Services LLC.

Benzaken specializes in repositioning commercial assets throughout South and Central Florida. He is the president of the Pompano Beach-based brokerage and property management firm Exclusive Management & Properties.

In November, Benzaken bought a shopping mall in Central Florida for $23 million.  The year before that he paid $27 million for the Lauderdale Marketplace shopping center in Lauderdale Lakes.