Leste, Bascom, East Hill Buy Sunny Lake Apartments in Broward County for $79M
The Leste Group, The Bascom Group, and East Hill Capital Partners purchased a sprawling Lauderhill, Fla., rental community for $79 million, the real estate groups announced.
Sunny Lake Apartments at 2360 NW 56th Avenue sits in the heart of Broward County, west of Fort Lauderdale, between W Oakland Park and W Sunrise boulevards.
Built in 1989, the 405-unit property includes 26 two-story buildings, spanning 346,662 square feet. Monthly rents for one-bedroom apartments range between $1,409 and $1,450, according to Apartments.com. The seller, Miami-based Bar Invest Group, bought the complex for $59 million in 2019, property records show.
Bridge Investment Group provided Bascom and East Hill’s partnership the debt financing for “75 percent of [the] acquisition”, said a source familiar with the deal, which equates to roughly $59 million. Walker & Dunlop’s Stuart Wernick, Andrew Garrison, and Sam Ziolkowski arranged the loan on the buyers’ behalf.
Bascom plans to renovate the apartment’s interiors and common areas for which it secured additional funding for the full cost of the works, according to the same source, who did not know how much Bascom and East Hill plan to spend. Both loans were “interest-only” with “floating-rate in the low threes,” the source added.
Leste Group, the majority equity investor in the deal, is a Miami-based real estate investment firm. Headquartered in Irvine, Calif., Bascom has completed more than $18.9 billion in multifamily deals, with 337 multifamily properties and more than 87,000 units since 1996, the company says. East Hill Capital Partners is a real estate investment firm based in Miami and recently founded by Duff Bedrosian.
Julia Echikson can be reached at email@example.com.
Update: The article was updated to reflect Leste Group’s involvement in the deal.