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

TRD MIAMI /
Aug.August 03, 2019 04:00 PM

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


Related Articles

arrow_forward_ios
Metropica and Joseph Kavana

First condo tower at massive Metropica development in Sunrise completed

First condo tower at massive Metropica development in Sunrise completed
Jeff Burns, Nick Rojo, The Bohemian Lake Worth

Affiliated Development’s Lake Worth Beach apartment project approved

Affiliated Development’s Lake Worth Beach apartment project approved
A rendering of the Intracoastal Mall and Gil Dezer

Dezer’s plans to remake Intracoastal Mall face opposition

Dezer’s plans to remake Intracoastal Mall face opposition
Alta Developers CEO Raimundo Onetto and Le Parc at Brickell rendering

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects
5010 Nob Hill Road (Credit: Google Maps)

Sunrise affordable senior housing facility sells for $30M

Sunrise affordable senior housing facility sells for $30M
Biscayne Beach

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
AHS Residential Ernesto Lopes and AHS Residential Tamiami (Credit: AHS)

AHS Residential scores $33M construction loan for Kendall apartment complex

AHS Residential scores $33M construction loan for Kendall apartment complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...