BETHESDA, Md., Sept. 1, 2021 /PRNewswire/ — Walker & Dunlop, Inc. announced today that it completed the $79,250,000 sale of Sunny Lake Apartments, a 405-unit, garden-style community in Lauderhill, Florida. The 1988 vintage property represented a unique value-add investment opportunity within the highly desirable suburban Broward County area and adjacent to the affluent community of Plantation.
With its ideal central location, Sunny Lake is just minutes from the primary employment, entertainment, and cultural hubs of suburban Broward County. Connectivity to all other areas of South Florida is conveniently accessed via Florida’s Turnpike, which is less than two miles from the community.
The sale was handled by Walker & Dunlop’s Still Hunter and Kaya Suarez, who represented the seller, Bar Invest Group, in the disposition. Mr. Suarez commented, “Over the past 24 months, ownership has invested $2 million in a partial repositioning of the community, which has already increased property performance. With additional apartments remaining to be updated and other enhancements available, Sunny Lake represents a tremendous, proven value-add investment opportunity.”
Herve Barbera, CEO of Bar Invest Group, said the firm renovated Sunny Lake to improve the property and increased rents by 25% during the last two years of its ownership. The apartment complex was 98% occupied at the time of sale. “Our business plan is to acquire properties where we see rents are below…