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.