CHICAGO, IL, /PRNewswire/ -- Waterton Residential is continuing to expand its footprint and portfolio in Florida with its most recent acquisition of Lakeview Cove (top left photo) - a 224-unit apartment community in popular North Fort Lauderdale, Florida. Lakeview Cove is the fourth asset acquired this year as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund.
Built in 1997, the two- and three-story, ten-building structure includes 224 apartments consisting of 56 one-bedroom/one-bathroom units, 156 two-bedroom/two-bathroom units, and 12 three-bedroom/two-bathroom units.
Voted "most beautiful property in North Fort Lauderdale" by the City of North Lauderdale, the Lakeview Cove apartment community is located between nearby Ft. Lauderdale with its gorgeous beaches and the shopping and entertainment at Coral Square Mall, in the Broward County School District.
"The purchase of Lakeview Cove was an exceptional opportunity to invest in a terrific physical asset in Broward County with value-added potential," said Max Peek (bottom right photo), vice president, acquisitions, Waterton Residential.
"We are optimistic given the future multifamily growth trends in South Florida and are actively looking for additional investment opportunities in West Palm Beach, Broward and Miami-Dade Counties."
Originally developed by American Land, Waterton Residential closed the Lakeview Cove transaction June 22 with a Fannie Mae loan at 65% loan to cost. Avery Klann and Hampton Beebe of Apartment Realty Advisors brokered the sale.
Contact: Michelle Moore, Involve, Mobile: 614-633-8124
Web Site: http://www.watertonassociates.com
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