Clarion Partners scooped up the Serramar Apartments in Lauderhill for $72 million, marking continued investment interest in South Florida’s robust multifamily market.
New York-based Clarion bought the 302-unit complex at 6701-6950 Landings Drive from an affiliate of Milbrook Properties, according to a deed. The deal breaks down to $238,411 per apartment.
The garden-style apartment complex was built in 1985 on 18.4 acres. Millbrook had paid $58 million for the property in 2020, property records show.
Serramar Apartments offers one- and two-bedroom units, with rents ranging from $1,470 to $1,800 a month, according to Apartments.com. Amenities at the pet-friendly community include two pools, a gym and an on-site cyber cafe, according to Serramar’s website.
Manhasset, New York-based Millbrook is a family owned real estate manager, buyer and developer led by Rubin Pikus, according to its website.
Clarion Partners, led by David Gilbert, invests across commercial real estate property types and has roughly $71 billion in total assets under management, and about 500 domestic and global institutional investors, according to its website.
In December, Clarion sold the eight-story, 285-unit Moda apartment building in North Bay Village for $122 million.
The regional multifamily market has been thriving because of high demand, which has allowed landlords to push up rents, and fueled investor demand.
In the biggest deal of 2021, motivational speaker and social media personality Grant Cardone paid $744 million for four Broward County rental properties.