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East Hill Capital Partners JV buys multifamily in Florida for $80m
Bar Invest Group has sold Sunny Lake Apartments, a 405-unit, garden-style community in Lauderhill, Fla., for $79.25 million. The buyer is a joint venture between East Hill Capital Partners, The Bascom Group and Leste Group, with Leste Group participating as the majority equity investor.
The 1988 vintage property represented a unique value-add investment opportunity to the seller, within the highly desirable suburban Broward County area and adjacent to the affluent community of Plantation.
“Over the past 24 months, ownership has invested $2 million in a partial repositioning of the community, which has already increased property performance. With additional apartments remaining to be updated and other enhancements available, Sunny Lake represents a tremendous, proven value-add investment opportunity,” said Kaya Suarez of Walker & Dunlop, which represented the seller.
Herve Barbera, CEO of Bar Invest Group, said the firm renovated Sunny Lake to improve the