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SCI Nets $67M in Multifamily Portfolio Sale

OAKLAND PARK, FL-Marking a return to multifamily rental properties, Alliance Holdings pays $105,346 a unit for the Forest Park and Caribbean Isle properties.

By Marita Thomas | Updated on July 19, 2007

(Read more on the multifamily market.)

OAKLAND PARK, FL-SCI Real Estate Investments has sold a two-property multifamily portfolio to an investment entity led by Chicago-based Alliance Holdings LLC. The price was $67 million, which translates to an average of $105,346 a unit, although each property was priced separately. They are Forest Park Apartments here and Caribbean Isle Apartments in Kissimmee.

Forest Park, located on 11.2 acres at 2829 S. Oakland Forest Dr., consists of 188 two- and three-bedroom units averaging 1,240 sf. The asset was completed in 2000, and sold for $27.5 million, or $146,277 a unit. Brad Capas of Cushman & Wakefield’s South Florida apartment brokerage services team tells GlobeSt.com it is about 96% occupied, and the average rent rate is $1,400 a month. Capas, located in C&W’s Fort Lauderdale office, and Rosendo Caveiro in its Miami office, represented both the buyer and seller.

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