The Royal Oaks Apartments in Lauderhill sold for $18.8 million.
Royal Oaks Square LLC, managed by veteran multifamily investor Krishna Persaud of Coral Springs-based KVR Properties, sold the 180 apartments at 5211 N.W. 27th St. and 5411 N.W. 25th Court to Treev-180 Units Lauderdale Investments, managed by Hugo Cascavita of North Miami Beach-based Treevita Group.
The buyer assumed a $17.08 million mortgage from Citibank, along with a personal guarantee on behalf of Cascavita. The deal was brokered by Franklin Street’s Dan Dratch, Greg Matus, Michael Dologos and Travis Jones.
“We have seen significant interest in properties located in Opportunity Zones,” Matus said. “The federal program provides investors with significant tax benefits.”
The price equated to $104,444 per unit.
It last traded for $14.22 million in 2007, so it sold for a gain.
Totaling 158,460 square feet in two-story buildings, the Royal Oaks Apartments were built on the 7.2-acre site in 1973. It has two pools.
It’s located on the west side of Florida’s Turnpike, a few blocks south of Oakland Park Boulevard.
“This asset provides the buyer with the opportunity to complete renovations started by the previous owner and capitalize on the strong rental growth in South Florida,” Dratch said. “Renovated units are achieving an average rent premium of $150/month, representing a nearly 11% increase compared to unrenovated units.”
Apartment complexes in South Florida have been in demand in recent months as the region attracts residents from other states.