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