Walker & Dunlop Arranges $79.3M Sale of Sunny Lake Apartments in South Florida
LAUDERHILL, FLA. — Walker & Dunlop has arranged the $79.3 million sale of Sunny Lake Apartments, a 405-unit, garden-style community in Lauderhill. Still Hunter and Kaya Suarez of Walker & Dunlop represented the seller, Bar Invest Group. The buyer is a joint venture between East Hill Capital Partners, The Bascom Group and Leste Group, with Leste Group participating as the majority equity investor. Bridge Investment Group provided the debt financing for the acquisition, which Stuart Wernick of Walker & Dunlop arranged.
Built in 1988, Sunny Lake Apartments offers one-, two- and three-bedroom units with an average of 719 to 1,129 square feet. Units feature double bathroom vanities; storage units; washers and dryers in unit; walk-in closets; patios and decks; and hardwood floors. Community amenities include a pet play area, car wash, fitness center, pool, clubhouse, business center, playground and tennis court.
Located at 2360 NW 56th Ave. on nearly 27 acres, the apartment property is situated in the suburban Broward County area. The property is about 2.8 miles from Sunrise, approximately 7.9 miles from Fort Lauderdale and about 2.9 miles from Plantation. The property is less than two miles from Florida’s Turnpike, which provides fast connectivity to other areas of South Florida.
Additionally, Sunny Lake is also close to Royal Palm Elementary School and Kiddie Care Preschool, as well as is about 7.5 miles from Nova Southeastern University and 8.6 miles from Florida Atlantic University.
The property is located near restaurants and retailers such as Thighstop, Pollo Tropical, Publix Super Market and CVS Pharmacy. Sunny Lake is also about 4.5 miles from Broward Mall, which is a 1 million-square-foot shopping mall in Plantation, with retail tenants such as Dillard’s, JCPenney, Macy’s, Buffalo Wild Wings, Victoria’s Secret and Red Robin.
The previous owner, Bar Invest Group, has renovated the property and increased rents by 25 percent during the last two years, according to Herve Barbera of Bar Invest Group.
“Our business plan is to acquire properties where we see rents are below market and complete renovations to improve the property, increase rents and stabilize the asset in three to five years,” says Herve Barbera, CEO of Bar Invest Group.
The new owners plan to improve the property with a multi-million-dollar renovation plan, which will enhance the units and common areas.
— Julia Sanders