Longtime Owners Sell Broward County Apartment Complex for $77M

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The Rausman family sold portions of an apartment complex called Somerset in suburban Broward County, Fla., for $77.1 million, property records show.

The sale comprised mostly two phases of the complex, or 612 units, at 2770 Somerset Drive just west of Martin Luther King Jr. Avenue in Lauderdale Lakes. The transaction equated to $126,000 per unit. 

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About half the units are condos with separate titles for each, while the remaining units are listed as rentals. The campus also features another condominium portion, which is not owned by the Rausmans.

In 2002, Henry Rausman and Norman Rausman paid $20 million for the complex, which was completed in the mid-1980s on 36 acres, according to records. The Rausmans could not be reached for comment. 

Public records list Juda Klein, who’s based in Spring Valley, N.Y., as the buyer. The investor secured a $70 million acquisition loan from Valley National Bank. Klein, too, couldn’t be reached for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com