New Ownership Takes the Helm of Premier Lauderdale Lakes Condo Community, Somerset Apartments
Pioneering New Leadership and Visionary Renovations Propel New York Company's Acquisition of Lauderdale Lakes Apartment Complex, Poised to Redefine South Florida's Premier Residential Communities
LAUDERDALE LAKES, Fla., August 21, 2023 (Newswire.com) - A New York company has successfully concluded the sale of a significant 85% interest in the Somerset apartment community, a sprawling residential oasis nestled within the heart of Lauderdale Lakes.
The monumental transaction, amounting to an impressive $77.12 million, represents a remarkable achievement and further solidifies the Somerset apartment community's prominence within the South Florida real estate landscape. The deal, meticulously recorded across multiple deeds to seamlessly accommodate the interests of all stakeholders, pertains to the illustrious 612 apartments encompassing the revered Somerset address at 2690 to 2770 Somerset Dr.
The property offers one and two-bedroom units originally built as luxury condominiums. Residents of the property can expect courtesy guards, huge walk-in closets, central air conditioning, screened-in balconies, and a large shared pool.
"We are delighted to embark on this new chapter for Somerset Apartments, building upon its legacy while infusing fresh energy and innovation into the community," remarked Juda Klein, Managing Director of Somerset Grove LLC. "We recognize the unique character and potential of this property, and we are committed to upholding the highest standards of residential living for our esteemed residents."
The acquisition price, which translates to an impressive $126,013 per unit, signals Somerset Apartments' resilience and robust market positioning, particularly considering the prevailing dynamics of the real estate landscape. Notably, the value proposition is further accentuated by the fact that recent apartment complexes in Broward County have predominantly exchanged hands at higher price points. This feat is a testament to the Somerset community's enduring appeal and inherent value. To learn more about these apartments for rent in Lauderdale Lakes, contact the leasing team by emailing office@somersetgrove.com.
Source: Somerset Grove
