Fairfield Park Trades for $7M

FORT LAUDERDALE, FL-Interloc Inc. of Boca Raton has purchased Fairfield Park Apartments, a 120-unit apartment community in here, for $7.2 million, or $60,000 per unit. The seller was Fairfield Park Inc., also based in Boca Raton. The community is located at 3333 to 3363 W. Davie Blvd.”Investors are continually looking for well-located, value-add multifamily communities that provide excellent return on investment,” according to Alan G. Kaye, a broker involved in the transaction. “The property is ideally located near Interstate 95, a major north-south corridor in Fort Lauderdale.”The three-story, four-building complex was built in 1971. It features 40 one-bedroom, one-bath apartments, 68 two-bedroom, one-bath apartments and 12 studio units. Rents range from $550 to $775 a month. Eighty of the units in the community were renovated recently.Kaye and R. Lee Brushingham of Sperry Van Ness represented Fairfield Park. Marcus & Millichap Real Estate Investment Brokerage Co. represented Interloc.