TAMARAC, FL-A joint venture of Dallas-based BHE Acquisitions LLC and New York City-based BlackRock Inc. has acquired the Water Place at Woodmont for $20 million. The 199-unit apartment complex is at 7780 NW 78th Ave.

Miami-based Aztec Group Inc. represented the seller in the transaction, Water Place Apartments LLC. Aztec Group managing director Michael Stein structured the transaction with director Peter Mekras. "The property was being sold because the seller felt the market timing was right for a sale. The property was priced well for a sale," Stein tells GlobeSt.com.

Built in 1987, the complex consists of four buildings on 13.44 acres. The property was 95% occupied at the time of the sale. The complex has one-bedroom, one-bathroom units that are 762 sf and rent for $900 and up and two-bedroom, two-bathroom units that range in size from 830 sf to 1,038 sf and rent for $1,000 to $1,085 and up.

Stein says the buyer plans to make some capital improvements to the property, such as improvements to the amenity package and enhanced curb appeal. "Water Place is a core asset acquisition for the BlackRock fund with great upside in the rental rates," Stein says. "Through a repositioning strategy with its operating partner BH Management, Water Place will be taken to the next level."