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LAUDERHILL, FL-The Herrick Group LLC has purchased Inverrary Gardens, a 513-unit fractured condominium property here for $26 million, from Ceebraid-Signal Corp. The price equates to approximately $50,682 per unit.

The property at 4200 Inverrary Blvd. consists of 513 garden-style and high-rise units in the Inverrary Gardens community just outside Fort Lauderdale. The units for sale are part of the larger Inverrary Gardens development that features 774 units in four eight-story and 18 two- and three-story buildings. Of the 513, 402 are deeded as apartments, located in high-rise buildings 3, 4 and 15 surrounding garden buildings. The other 111 units, located in high-rise building 2 and 4 surrounding garden buildings, are deeded as individual condo units. The units not included in the sale are individually owned condos.

Inverrary Gardens had more than $700,000 in capital improvements in 1999 and 2000.

Centrally located within Broward County, Inverrary Garden is within minutes of large concentrations of office space in Broward and Palm Beach counties and is close to shopping and major expressways. The property faces the 17th and 18th fairway of the famous golf course at Inverrary Golf and Country Club, where membership is available to residents.

The local area is significantly built out, limiting potential apartment supply additions. Many of the apartment units have a through-unit design and are among the largest in the submarket.

The Florida office of Apartment Realty Advisors represented Ceebraid-Signal Corp. in the transaction. Marc deBaptiste, principal, and Kevin Judd, vice president, led the company’s marketing team. “With components including apartments and condominiums in both garden and high-rise buildings, Inverrary Gardens presents a wide range of value-added options available to the buyer,” Judd says in a statement. “The property’s golf course frontage, location within the Inverrary PUD and minimal direct competition are key components of the property.”

According to deBaptiste: “This acquisition represents a classic repositioning opportunity. The fundamentals are ideal considering its large floor plans and great access to major arteries. With Broward County’s strong barrier to entry, many investors are diligently looking for this type of property to purchase.

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