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Apartment Complex Sale Brings in $17M

FORT LAUDERDALE, FL-SCI Real Estate Investments, with two other tenant-in-common investors, paid about $89,361 per unit to Dr. Mohammed Mazaheri for the 188-unit Forest Park Apartments. The property was 96% occupied at the time of the transaction.

By Melissa Bogdany | Updated on January 07, 2004

FORT LAUDERDALE, FL-SCI Real Estate Investments has purchased the 188-unit Forest Park Apartments here for $16.8 million, or approximately $89,361 per unit. The complex was 96% occupied at the time of the sale.

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.

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