FORT LAUDERDALE, FL-Waterton Associates, LLC based in Chicago has purchased a 224-apartment garden-style apartment complex called Lakeview Cove for $26.4 million, which translates into $117,857 per apartment. ARA's South Florida sales team negotiated the sale on behalf of the seller, Lexin Capital based in New York City.
Waterton Associates funded the deal with Fannie Mae debt via ARA Finance, the debt platform of ARA. The property, located in the Cypress Creek submarket in Broward County, is 92% leased. For the full story, go to Florida Real Estate Journal .
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