A majority of the units of a Lauderdale Lakes condo complex sold in a bulk condo deal for $26 million.
Bay Harbor Islands-based Infinity BH bought 229 out of 368 units of the Lakeside Condominiums at 2700 Northwest 39th Way for $113,537 per unit. The seller is Horizon Homes and Pompano Beach-based Kilmair Properties, according to a press release.
By buying a majority of the units, Infinity BH, led by Ighal Goldfarb, now has control of the condo association board and majority ownership in the building.
The condos were built in 1984. The condos recently received $2 million in capital improvements for new impact glass windows, new roofs, new parking lot and boardwalk along the lake.
Newmark Knight Frank’s Tal Frydman, Tyler Minix and Jonathan Senn represented the seller in the deal.
The buyer plans to purchase additional units from individual unit owners and upgrade the interiors with more modern finishes to raise rents, according to Frydman. The condos can possibly be transitioned into rental units, he said.
Lauderdale Lakes, in central Broward County, has a population of just over 30,000. More investment is flowing into the suburbs in Broward County as home prices and rents continue to rise in Fort Lauderdale. In November, a Canadian investment group paid $102.9 million to purchase a 420-unit development at 3700 Pacific Point Place in Lauderdale Lakes.
Homebuilders are also moving into Lauderdale Lakes. In January, PulteGroup bought 20 acres in Lauderdale Lakes for a new housing community that will have 77 single-family homes.