POMPANO, FL-Berkshire Income Realty Inc. sold Windward Lakes Apartments to a buyer identified only as "an unaffiliated third party" for just over $34.7 million or $125,815 per unit. The garden-style, 276-unit multifamily facility is located at 4001 SW 15th St., which is also known as W. McNab Road.
Berkshire president and CEO David Quade says in a statement that the REIT was pleased "with the price and profit realized on the sale," and adds the company "intends to reinvest the total proceeds from the sale…into another multifamily apartment community. We believe the targeted acquisition, if completed, would be a quality addition to the company's growing portfolio." Calls to Berkshire were not returned by deadline.
The Windward Lakes asset includes a clubhouse, pool, fitness center and tennis courts. Units have balconies, washer/dryers and high-speed Internet access. Published rental rates range from between $845 and $885 a month for one-bedroom, one-bath units to between $1,255 and $1,285 per month for three-bedroom, two-bath units.
Berkshire owns interests in 23 multifamily properties. Eight are in the Baltimore/Washington, DC metropolitan area, four are in Virginia, two are in Fort Lauderdale, and others are in Texas, Chicago and Charlotte, NC.
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