Bar Invest Group sold the Serramar Apartments in Fort Lauderdale for $58 million.
The Miami-based company, led by Jacques and Herve Barbera, sold the 302-unit apartment complex at 6701 West Oakland Park Boulevard for $192,000 per unit, according to a press release.
Manhasset, New York-based Milbrook Properties bought the apartment complex.
Built in 1986, the apartments are adjacent to the Inverrary Country Club. The apartment complex consists of 23, two-story residential buildings where amenities include and a renovated clubhouse with business center, two-swimming pools, an outdoor basketball court and a fitness center.
Units include a mix of one- and two-bedrooms. The apartments were 95 percent occupied at the time of the sale, according to the release.
Newmark Knight Frank’s Hampton Beebe, Avery Klann and Jonathan Senn represented the seller in the deal.
Bar Invest Group had bought the Serramar Apartments for $44 million in 2016 and made significant renovations. The company has invested in more than 1,500 residential units, according to the release.
Investors are targeting apartments in Broward County as the area is seeing an uptick in population and employers moving to the county.
In Broward, over 3,700 multifamily units were delivered in 2019, with another 10,000 units under construction, according to a recent report by CBRE. The new construction is also being absorbed. While the county averaged over 2,600 units of multifamily absorption over the previous five years, more than 5,000 units were absorbed last year, according to the report.