Miami-based Summit Property Group just sold a 352-unit apartment complex in Lauderhill for $28.5 million.
Federal Capital Partners is the buyer of Summit Palms at 4491 Northwest 19 Street according to a press release. The deal breaks down to about $81,000 per unit.
Records show an affiliate of Summit Property Group paid $7.8 million for the rental community in 2012. Since then it has invested more than $5 million in the property and pushed occupancy up to 90 percent from 5 percent in 2012, according to the release.
Berkadia’s South Florida office’sTal Frydman, Yoav Yuhjtman, and Nicholas Perrone brokered the deal. The garden-style apartment community consists of four buildings, a clubhouse, a community pool and green space. Property manager Avesta will continue to manage Summit Palms.
FCP entered the Florida market in 2015 and recently opened a Miami office, led by Bruce Gago. The privately held real estate investment company, founded in 1999, has also purchased properties in Tampa and Orlando. The company owns and manages more than $2.3 billion in assets.