SCI, a national 1031 investment sponsor, acquired the garden apartment complex with two other tenant-in-common investors that are completing 1031 Exchanges, and also with SCI's private investor group. The seller was Dr. Mohammed Mazaheri. SCI principals Marc Paul and Robert Robotti represented the buyers. The seller represented himself.

Paul, president of SCI, expressed confidence in this property and the South Florida apartment market. "SCI has a history of acquiring multifamily properties in Southern California," according to Paul. "Our typical 1031 Exchange investor is looking for stable cash flow, and apartment buildings in Los Angeles just don't deliver strong cash flows right now due to the low cap rates. However, South Florida's economy is recovering, and B class apartments can still be purchased at reasonable cap rates. We are very confident this property will perform, and we're thrilled to have it in our fast-growing portfolio.