Commercial Real Estate, Capital, Insurance, Leasing & Management

The Real Deal: Investment firm buys Lauderhill apartments in Opportunity Zone

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Real estate investment firm Treevita bought 180 apartments in Lauderhill for $18.8 million.

The buildings are in a federal Opportunity Zone, and located at 5211 to 5458 Northwest 27th Street and 5411 Northwest 25th Court, according to records.

Franklin Street’s Dan Dratch, Greg Matus, Michael Dolgos and Travis Jones represented the buyer and seller.

New Colony apartments brings in $2.4 million in annualized income and net operating income of $1.5 million, according to marketing material.

The deal includes units at the New Colony apartments at 5420 Northwest 27th Street. An online listing shows an 800-square-foot, one-bedroom apartment for $1,150 a month, and a 1,000-square-foot, two-bedroom available for $1,350.

North Miami Beach-based Treevita is led by Hugo Cascavita.

The seller was an affiliate of KVR Properties, which paid $14.2 million for the apartments in 2007. Arvind Reddy leads KVR.

Read more from the The Real Deal.

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