FORT LAUDERDALE, FL-Under the name Chicago Holly Heights LLC, locally based Castlerock Builders & Developers has paid just over $10.2 million, or $202,600 a unit, for Lofts of Lively Oaks, a 50-unit residential rental property at 1455 Holly Heights Dr. The new owner will rename the property Fusion Gardens.
A loan of a little more than $9.5 million funded the acquisition. It was provided by Oak Brook, IL-based Leaders Bank of Illinois and facilitated by Hugh Franklin, the bank's VP of commercial real estate. James J. Lusk founded Castlerock in 1977, and he and wife, Bonni Lusk, are co-principals. Chicago Holly Heights is comprised of several partners, including Marc Schwartz and Larry Lubin, Chicago-based real estate investors and developers.
Asked if condo conversion is planned, Bonni Lusk says, "I can't say; I don't know. It's currently rental." She tells GlobeSt.com the property was completed in the 1980s and is currently 99% leased. The complex consists of seven buildings containing two-story townhome units, which average 1,000 sf, according to Lusk. The average rental rate, she says, is about $1,000 a month. Castlerock plans extensive renovations, including a new exterior, roofs, doors, gym, pool area and interior finishes and appliances. Lusk did not disclose the planned capital investment.
Castlerock has developed more than 2,000 homes, apartments, townhomes and commercial buildings. Without identifying particular locations, Lusk says the company has numerous additional South Florida projects in the works.
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