The Bascom Group has acquired a 405-unit apartment community within the Fort Lauderdale, Fla., metro area for $79.25 million.
The property, Sunny Lake Apartments, was acquired through a partnership with East Hill Capital's Duff Bedrosian. Sunny Lake represents Bascom's third acquisition in the state of Florida.
Jim Singleton, Bascom's senior vice president and principal, stated, "Sunny Lake was a great opportunity for Bascom to re-enter into the Florida market at an attractive basis. The Fort Lauderdale MSA has strong multifamily fundamentals and is positioned well for continued economic growth. The market has experienced double-digit rent growth as well as over 30 percent growth in home values year over year. Lauderhill also has excellent accessibility — located near three international airports, three international ports, and three major roadways."
Sunny Lake is in Lauderhill, Fla. — an area experiencing substantial growth due to the rapidly growing Florid
