Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Victoria at Lauderhill, an 88-unit apartment property located in Lauderhill, Florida. The 3.44-acre site sold for $12,780,000.
“The Victoria at Lauderhill is an excellent value-add opportunity for the buyer due to its unique unit mix of two- and three-bedroom apartments, below-market rents and its Central Broward County location,” said Felipe J. Echarte, senior vice president in Marcus & Millichap’s Fort Lauderdale office.
Echarte, Evan P. Kristol and Brandon J. Rex had the exclusive listing to market the property on behalf of the seller, a limited liability company. Treevita, a North Mimai Beach, privately held real estate investment firm led by Hugo Cascavita purchased the property. Treevita owns and operates more than 500 units in the Southeast and was also procured by Echarte, Kristol and Rex.
Victoria at Lauderhill is located at 2011-2051 NW 43rd Terrace, just west of 441 (SR-7) with Oakland Park Boulevard to the north and Sunrise Boulevard to the south. Built in 1963, the community consists of five two-story buildings featuring 44 two-bedroom and 44 three-bedroom apartments. Treevita plans to add value to the community by renovating the common areas as well as the interiors of the units. The property is currently 98% occupied.