Newmark Knight Frank (NKF) Multifamily announces the sale of Serramar Apartments, a 302-unit value-add asset in Fort Lauderdale, Florida. The property sold for $58 million, $192,000 per unit, and was approximately 95 percent occupied at the time of sale.
Vice Chairmen Hampton Beebe and Avery Klann and Director Jonathan Senn exclusively represented the seller Bar Invest Group in the disposition to Milbrook Properties.
Built in 1986, Serramar Apartments is located adjacent to the Inverrary Country Club, just west of the Florida Turnpike in central Broward County. The gated community consists of 23, two-story residential buildings and features a variety of amenities including a recently renovated clubhouse with business center, two-swimming pools, outdoor basketball court and a fully equipped fitness center. Units include a mix of one- and two-bedroom floor plans with four different finish levels including classic and previously renovated units completed by prior ownerships.
“Since acquiring the property in 2016, the seller successfully renovated approximately 25% of the units with upgraded finishes including stainless steel appliances, vinyl plank flooring and new cabinets”, said Beebe. “With a proven value-add strategy in-place and a substantial percentage of units unrenovated, Serramar is an ideal opportunity for a buyer looking to capitalize on the remaining upside.”
Bar Invest Group bought Serramar Apartment for $44 million in 2016 and made substantial exterior and interior renovations. Miami-based Bar Invest Group, is led by Herve Barbera, has invested in more than 1,500 residential units. The properties include a 405-unit apartment complex in Lauderhill. Bar Invest bought the complex for $59 million in May 2019.