In a bulk purchase, REO Asset Specialists bought the majority of the condos at an aging complex in Lauderhill for $17.4 million.
The Miami-based company, through an affiliate, bought 154 units at One Circle Condominium at 2601 and 2611 Northwest 56th Avenue. The seller is Florida’s Attainable Home Company, managed by Meir Benzaken in Pompano Beach, according to records.
REO Asset’s purchasing entity, Elizabeth Gardens at Lauderhill, scored a $19 million loan from Miami-based LV Lending. The financing is for the purchase and renovation, with $4 million designated for common area revamps and improvements necessary as part of the property’s 40-year recertification, according to the lender’s news release.
Camilo Niño and Ricardo Uribe of LV Lending provided the financing. Jesse Wright and Maddy McMillen of JLL, as well as James Dockerty of Quartz Real Estate Advisors, arranged the loan.
The purchase gives REO Assets, led by Lisa Ramos and Lisette Nunez, controlling interest in the Circle One property, which has a total of 192 units.
The five-story complex, spanning 135,232 square feet, was built in 1980 on 5.6 acres, according to the LV release. It offers one- and two-bedroom units averaging 826 square feet.
Once the renovations are completed, the property will be rebranded Elizabeth Gardens of Lauderhill.
Forty-year recertifications, which are required by Broward County, are issued after the completion of a slew of repairs outlined by an engineer’s building inspection report. Broward, as well as Miami-Dade County and South Florida municipalities, have tightened oversight of recertifications following the deadly Surfside condo collapse last summer that killed 98 people.
REO Asset’s subsidiary’s Lauderhill purchase comes on the heels of other fractured condo deals.
In March of last year, Corinthian Capital Real Estate Partners, based in Miami and led by Matt Miller, paid $5.8 million for 39 condos at the 44-unit Eden House in Hollywood.
In May, Axonic Properties bought 153 condos at the 288-unit Breezes at Palm-Aire in Pompano Beach for $25.4 million.