Royal Palms at Lauderhill LLC, a Hialeah-based company managed by Santiago J. Alvarez, has acquired the Royal Palms at Inverrary apartment complex in Lauderhill for $12 million. The four building, 208-unit complex located at 2900 N.W. 56th Ave. traded for $57,692 per unit. Built in 1977, the 247,356 square foot four-story property includes a pool and a playground. The seller, Royal Palms at Inverrary LLC, a Dania Beach-based company managed by Ruth E. Gerstle, bought the asset in 2008 for $13.6 million. Marcus & Millichap’s Derek R. Gibbs and Daniel J. Cunningham represented the seller while Marcus & Millichap’s Felipe J. Echarte represented the buyer.
“The sale marks the commencement of a new chapter in this asset’s history,” Gibbs said. “Just before the credit collapse in 2008, the property was acquired by out-of-area investors. During the downturn, the community weathered its share of operational and physical challenges and on the heels of the economic recovery, the owners placed the property on the market with an expectation of finding a buyer interested in renovating it.”
