MIAMI–(BUSINESS WIRE)–Today, independent alternatives investment manager Leste Group can announce its frontline participation in the acquisition of Sunny Lake Apartments, a garden-style multifamily apartment community built in 1988 that includes 405 units located in Lauderhill, Florida, suburban Broward county. The $79.25 million acquisition also included joint venture partners East Hill Capital Partners and The Bascom Group, with Leste participating as the majority equity investor.
Sunny Lake is a large, low-density development at approximately 27 acres in size, a rarity in Southeast Florida. The property includes a range of amenities that the JV partners will upgrade with a multi-million-dollar renovation, improving the property’s common areas and interior finishes. It is located immediately proximate to the growing market of Plantation, Florida and is about 15 minutes from Sawgrass Mills Mall in Sunrise, FL. Both of which are about 30 miles north of Leste’s headquarters in downtown Miami. The community was 98 percent occupied at the time of sale.
“We are extremely pleased to complete the acquisition of Sunny Lake on an attractive basis as we expand our real estate presence in South Florida,” said Stephan De Sabrit, Managing Partner of Leste Group. “Multifamily housing is a core emphasis for Leste Real Estate US. We will continue making select investments in communities where we believe we can partner with residents to make a difference in their living experience, and continue to seek quality partners possessing a strong history of improving and managing apartment units at scale.”
Leste’s investment in Sunny Lake comes just as the firm successfully exited three multifamily investments and is in process of exiting two more, all located in the Southeast US or Texas.
“We are very pleased with the track record we’ve developed as a trustworthy and capable steward of our partners’ capital and our residence’s living experience. We have a robust pipeline of attractive acquisition and development investment opportunities in growing markets such as Atlanta, Miami, Tampa, Austin, Charlotte, Raleigh, Nashville, and look forward to continuing the good work we are doing in these markets with new and existing partners,” said Josh Patinkin, Managing Director of Leste Real Estate US.
Leste’s core multifamily and workforce housing investment strategy is nicely complemented by other lines of business in Leste’s real estate portfolio, including single family build to rent, healthcare acquisition, industrial build-to-suit and triple-net development.
About Leste Group
Founded in 2014, Leste Group is a global independent alternative investment manager guided by core values of respect, creativity, and teamwork. The firm offers investors a diverse range of strategies across real estate, credit, venture, liquid markets and other alternative asset classes. Leste Group’s investment teams leverage institutional-grade processes, a nimble, entrepreneurial approach, capital markets expertise, and exclusive networks to source unique opportunities and drive consistent risk-adjusted returns.
To learn more information on Leste Group, please visit leste.com.
