Harbor Town Apartments Sell for $27.5M

(This story, in slightly different form, originally appeared in ALM’s Daily Business Review.)

FORT LAUDERDALE, FL-Apartment Investment and Management Co., one of the country’s biggest multifamily investors, has sold the Harbor Town at Jacaranda complex in suburban Plantation for $27.5 million and has 13 more properties on the market statewide. Chicago-based Henderson Global Investors closed on the purchase last week on behalf of its Casa Partners IV fund.

The complex was purchased as a value-add opportunity, with $11.8 million in tax-exempt bond financing, according to Henderson. The new owner plans to expand and upgrade the asset, including improvements to the clubhouse and landscaping and a new fitness center.