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

Aug.August 03, 2019 04:00 PM

Horizons Apartments in Sunrise (Credit:

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

Related Articles

Metropica and Joseph Kavana (Credit: iStock)

Condo buyer sues Metropica developer over delays

Joseph Kavana a rendering of Metropica and a Stefan Szczesny sculpture

Art Miami sculptures to fill Metropica

From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Clockwise from left: MG3 Developer Group’s principals Gustavo Bogomolni, Hernan Leonoff and Marcelo Saiegh with 789-799 International Parkway (Credit: Google Maps)

MG3 pays $33M for office buildings near Sawgrass Mills

Sawgrass International Corporate Park

Brookdale buys back Sawgrass Park portfolio for $80M

Ken Stiles and The Westerra development site in Sunrise (Credit: Stiles Corp.)

Stiles sells site of planned Sunrise mixed-use project

Photo illustration of Grant Cardone (Credit: iStock)

A look at Grant Cardone’s real estate portfolio and how he raised $15M in 90 minutes at Marlins Park

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon