Bar Invest Group has acquired the Glen at Lauderhill apartments for $59 million and plans to renovate it in order to achieve higher rents.
TMIF Glen LLC, an affiliate of Santa Monica, California-based Turner Multifamily Impact Fund, sold the 405 apartments at 2360 N.W. 56th Ave. to Glen Apartments Holdings, an affiliate of Miami-based Bar Invest Group. Miami Lakes-based BankUnited (NYSE: BKU) provided a $39 million loan to the buyer.
The price equated to $145,679 per unit.
Jaret Turkell, Maurice Habif, Simon Banke and Jo Rousseau of Holliday Fenoglio Fowler represented the seller in the deal.
The Glen at Lauderhill last traded for $44.75 million. Totaling 346,662 square feet, the apartment complex was developed on the 26.5-acre site in 1988.
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.