Inverrary Gardens Sells for $26M

LAUDERHILL, FL-The Herrick Group LLC has purchased Inverrary Gardens, a 513-unit fractured condominium property here for $26 million, from Ceebraid-Signal Corp. The price equates to approximately $50,682 per unit.

The property at 4200 Inverrary Blvd. consists of 513 garden-style and high-rise units in the Inverrary Gardens community just outside Fort Lauderdale. The units for sale are part of the larger Inverrary Gardens development that features 774 units in four eight-story and 18 two- and three-story buildings. Of the 513, 402 are deeded as apartments, located in high-rise buildings 3, 4 and 15 surrounding garden buildings. The other 111 units, located in high-rise building 2 and 4 surrounding garden buildings, are deeded as individual condo units. The units not included in the sale are individually owned condos.

Inverrary Gardens had more than $700,000 in capital improvements in 1999 and 2000.