Miami-based Bar Invest Group sold the Serramar Apartments in Lauderhill for $58 million.
Serramar Apartments Holdings LLC, an affiliate of Bar Invest Group, led by Hervé Barbera, sold the 302 apartments at 6701 West Oakland Park Blvd. to Serramar Lakes LLC, an affiliate of New York-based Milbrook Properties. Voya Investment Management provided a $45.6 million mortgage to the buyer.
The seller was represented by Newmark Knight Frank’s Hampton Beebe, Avery Klann and Jonathan Senn. They said it was 95% occupied at the time of sale. The buyer was represented by Jean-Baptiste Ramet, Drew Kristol and Kirk Olson of Marcus & Millichap.
The price equated to $192,053 per unit.
Bar Invest Group acquired the Serramar Apartments for $44.1 million in 2016 and performed significant interior and exterior renovations to enhance the property value.
Barbera said the rehab allowed them to increase the rent for one-bedroom units from $1,000 to $1,350 and on two-bedroom units from $1,190 to $1,720. About 50 units are left to renovate, he added.
“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.”
The 296,116-square-foot, garden-style apartment complex was built on the 17.3-acre site in 1986. It includes a lake, two pools, a clubhouse, a fitness center, a basketball court and a playground.
It’s just west of Florida’s Turnpike and near the Inverrary Country Club.
“We sold the property to keep investing in the same type of value-add [projects],” Barbera said.
Bar Invest is owned by his father, Jacques Barbera, who started a construction company in France in 1965 and expanded it to Argentina and then Miami. The firm was a co-developer of Mary Brickell Village in 2005 and sold it the following year.