Bar Invest Group pays $59M for Lauderhill apartments
Seller Turner Multifamily Impact Fund had bought the property for $44.8 million in 2015
UPDATED, May 14, 1:55 p.m. Bar Invest Group paid $59 million for a 405-unit apartment complex in Lauderhill, as it expands its multifamily portfolio in South Florida.
A company tied to Turner Multifamily Impact Fund sold the Glen Apartments at 2360 Northwest 56 Avenue for $145,679 per unit, records show.
Santa Monica, California-based Turner bought the complex in 2015 for $44.8 million, records show. It was built in 1988. Apartments range from one to three bedrooms with monthly rents from $983 to $1,485, according to apartmentfinder.com. The complex also has a pool and a tennis court.
Miami-based Bar Invest Group, led by CEO Jacques Barbera, has invested in over 1,000 residential units and over 600,000 square feet of retail properties, according to its website. The properties include The Lexi, a luxury condo project in North Bay Village; Serramar, an apartment complex in Fort Lauderdale and Waterview at Coconut Creek in Coconut Creek, which Bar Invest purchased in 2017 for $37 million.
Turner Impact Fund invests in affordable multifamily housing throughout the country, according to its website. The company is led by Bobby Turner, the former chairman, CEO and co-founding partner of Canyon Capital Realty Advisors LLC (CCRA), where he oversaw a commercial real estate and mortgage asset portfolio totaling over $12 billion.
HFF’s Jaret Turkell, Maurice Habif, Simon Banke, Victor Garcia and Jo Rousseau represented Turner Impact in its purchase of the Lauderhill property.
The deal shows the continued growing demand for Broward County multifamily properties. More renters are moving out to the western part of the county as rents get more expensive in Fort Lauderdale.
Late last year, Residential Management NY, a Brooklyn-based real estate firm, paid $42.6 million for an apartment complex in Lauderhill at 7505 Northwest 44th Street.