Memphis-based nonprofit Housing Preservation Inc. has acquired the Gateway Terrace apartments along Middle River in Fort Lauderdale for $27 million. Located at 1943 N.E. Sixth Court, the property has 256 apartments totaling 168,870 square feet and traded for $105,469 per unit. The deal was finalized with a $24.3 million Fannie Mae-backed loan from Pillar Multifamily LLC. The seller of the 1958 complex was Orlando-based Westminster Communities of Florida.
