South Florida apartment complex to be renovated after acquisition

bizjournals.com

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.


Hervé Barbera said they acquired the Glen at Lauderhill because they previously acquired a nearby apartment complex and were able to raise the rents from $1.20 per square foot to $1.50 per square foot following a renovation.

Bar Invest Group plans to start renovations soon at the Glen at Lauderhill, he said. There will be improvements to the common areas, the pool, the tennis courts, the landscaping and inside the apartments. He hopes to raise rents from $1.18 per square foot currently to around $1.50 per square foot once the renovations are completed.

Typically, new residents move into the apartment complex once renovations are done and they’re willing to pay higher rents than the previous tenants, Barbera said.

“The demographics are very strong there,” Barbera said. “There is a lot of value add to do and potential gain on rent.”

Bar Invest Group owns seven apartment complexes in Florida. It is seeking to acquire more apartment complexes, and plans to raise funds for acquisitions by selling its two shopping centers in Pembroke Pines and one retail center in Tamarac, Barbera said.




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