On Feb. 9, 2022, Milbrook Properties Ltd. sold the 302-unit garden apartment community at 6701 W. Oakland Park Blvd Lauderhill, FL, Serramar Apartments to a national REIT for $72 million.
Built in 1986, Serramar features 16 garden apartment buildings, gated access, two pools, a lighted outdoor basketball court, dog park, car care station, business center, fully equipped gym, and two new BBQ areas. The property offers 5-floor plans with one and two-bedroom units ranging from 800 to 1,200 sqft. Additionally, Serramar has a 24/7 maintenance team and two leasing specialists.
The property was acquired by Milbrook in February of 2020. Since its acquisition, Milbrook has made significant improvements to the community, including painting each building, renovating both pools, providing new pool furniture, adding BBQ areas, and updating the security/gate systems. Additionally, their team’s main focus was upgrading many of the apartments with stainless steel appliances, new flooring, lighting, electric, and renovating the bathroom and kitchen cabinets.
Over the last two years, the multi-family real estate sector has seen an immense increase in property values and tenancy. Due to the renovations completed by Milbrook’s team, Serramar has been 99% rented over the last year, which had not occurred at the property or seen at other communities in the local area in over 20 years. As a result, the demand for luxury apartments and communities has skyrocketed. Amenities such as an on-site fitness center, pet-friendly rentals, and pools have become standard for most high-end apartment complexes in South Florida.
Founded in 1933, Milbrook Properties is a fifth-generation real estate management, acquisition, and development company. Their portfolio consists of over 55 residential, multi-family, and office properties located throughout the East Coast. The company stands apart as a real estate organization featuring full-time, hands-on supervision, maintenance, and leasing system.
Milbrook is now actively looking for new retail and multi-family acquisitions, targeting supermarket anchored shopping centers and 100+ unit garden apartment complexes along the East Coast with concentrations in Florida and the Northeast. If you are looking to sell your retail or multi-family property, please reach out to Thomas LiPuma at tjlipuma@milbrookproperties.com or call (516) 869-1240.
