Broward apartment complex sold for $37M, a 51% gain

The Waterview at Coconut Creek Apartments were sold for $37 million, a 51 percent gain from their last trade three years ago.

Fairfield Waterview FL LLC, an affiliate of San Diego-based multifamily giant Fairfield Residential Co., sold the 192-unit complex at 3621 Hillsboro Blvd. to Waterview Apts Holdings, an affiliate of Miami-based Bar Invest Group. Miami Lakes-based BankUnited provided a $23.73 million mortgage to the buyer.

The price equated to $192,708 per unit. The property last sold for $24.5 million in 2014.

The Waterview at Coconut Creek Apartments totals 221,988 square feet and was built on the lakefront site of 14.1 acres in 1987.

Bar Invest Group is owned by Jacques Barbera, who started a construction company in France in 1965 and expanded it to Argentina and then Miami. The company is managed by his son Executive VP Hervé Barbera out of an office on Brickell.

Hervé Barbera said his company bought the Waterview because it has a good location, was stabilized with 96 percent occupancy, and there is the potential for rent increases.

“We feel it is a very strong investment with a great value,” Barbera said. “The area is growing a lot the last few years.”

Barbera said his company will fund renovations to the common areas of Waterview, including improvements to the pool and landscaping, and make upgrades to the apartments’ kitchens and bathrooms.

In 2016, Bar Invest Group bought the Serramar Apartment Homes in Lauderhill for $44.1 million. Since buying and renovating that property, his company has increased rents 22 percent, Barbera said.

Barbera said Bar Invest Group plans to acquire another 350 to 500 garden-style apartments in Broward County by the end of 2017


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