Miami-based Bar Invest Group just purchased a 192-unit apartment complex in Broward County for $37 million, property records show.
The nearly 222,000-square-foot, waterfront apartment community, called Waterview at Coconut Creek, traded for $167 per square foot or about $193,000 per unit.
Property records show Fairfield Waterview FL of Arlington, Va. sold the three-story, 12-building complex at 3621 Hillsboro Boulevard. The seller bought the complex for $24.5 million in 2014.
Bar Invest Group obtained a $23 million loan for the property from Miami Lakes-based BankUnited, records show. Bar Invest Group exec Herve Barbera said the asset management firm bought the complex 96 percent leased.
Waterview at Coconut Creek, built in 1987, sits on 20 acres. The apartment complex offers two-bedroom, two-bathroom townhouses as well as two- and one-bedroom apartments. Monthly rents range from $1,350 to $1,950, Barbera said.
Bar Invest Group also owns multifamily apartments in Miami, North Beach and Broward. It was the developer of Aquarela in Little Havana. Barbera said the firm plans to add 350 to 500 units to its portfolio in Miami and Broward before the end of the year.
Last year Bar Invest Group purchased a 302-unit apartment complex in Broward County for $44.1 million.