FORT LAUDERDALE, FL – The Bascom Group has acquired a 405-unit residential complex in the Fort Lauderdale MSA, Florida. The property, Sunny Lake Apartments, was acquired from East Hill Capital through a partnership with Duff Bedrosian.
Sunny Lake is the third acquisition by Bascom in the state of Florida. Bascom bought the 405 unit shared apartment for $ 79,250,000 or $ 195,679 per unit. Bridge Investment Group provided the debt financing for the acquisition and was arranged by Stuart Wernick, Andrew Garrison and Sam Ziolkowski of Walker & Dunlop. Cushman & Wakefield will provide property management services and interior renovations.
Bascom Senior Vice President & Principal, Jim Singleton, said, "Sunny Lake has been a great opportunity for Bascom to get back into the Florida market on an attractive basis. The Fort Lauderdale MSA has strong multi-family fundamentals and is good for continued economic growth The market has seen double-digit rental growth and property value growth of over 30% year-over-year. Lauderhill is also easily accessible – close to three international airports, three international ports and three major thoroughfares. "
Sunny Lake is located in Lauderhill, Florida, an area that is experiencing significant growth due to Florida's rapidly growing economy. The property's proximity to the emerging Downtown Fort Lauderdale neighborhood provides convenient access to shops, entertainment, restaurants, and major work centers throughout the Fort Lauderdale subway. Bascom plans to modernize the existing indoor and public spaces and implement operational efficiency in Sunny Lake while restoring a presence in the Florida market. Fort Lauderdale's affordable, lower-density housing, a business-friendly environment, no state taxes, and tourist recovery since the pandemic have made the MSA one of the most resilient housing markets in the country.
Tony Ferrell, Bascom Senior Vice President of Operations, added, “Sunny Lake has tremendous value potential. The low density units and the surplus of recreational space are ready for capital improvements to create a more holistic communal experience for residents. This acquisition is a great opportunity to significantly improve the community while providing affordable homes for residents. "