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South Florida firm buys Sunrise apartment complex for $20.2M

Orstac Investment, which bought another Sunrise apartment complex last December, just paid about $158,000 per unit for Horizon Apartments
August 03, 2019 04:00PM

Horizons Apartments in Sunrise (Credit: ApartmentSearch.com)

A South Florida-based firm acquired a 128-unit apartment complex in Sunrise for $20.25 million.

Ortsac Investments paid about $158,000 per unit for Horizons Apartments at 4108 Pine Island Road.

Still Hunter, Chris Smiles and Kaya Suarez of brokerage firm CBRE represented the seller, Held, LP, which had owned the Sunrise rental property for the last 25 years.

“Horizons is an outstanding value-add investment with tremendous upside potential,” Hunter said in a prepared statement. “The lack of new supply and strong population growth in Sunrise have created a supply-demand imbalance, resulting in the strongest five-year rent projections of any submarket in Broward County.”

In a press release, CBRE stated that Horizons has “solid concrete construction and underutilized amenity spaces, spacious, well-laid-0ut floor plans and unique features such as storage lockers on every floor.”

Ortsac Investments acquired another apartment property in Sunrise late last year. In December, the firm paid $12 million, or about $167,000 per unit, for the 72-unit Heritage Green Residences at 8445-8481 Springtree Drive. – Mike Seemuth