August 6, 2019
CBRE arranged the $20.2-million sale of Horizons Apartments, a 128-unit apartment community in Sunrise. Located at 4108 N. Pine Island Rd., the property features solid concrete construction and under-utilized amenity spaces, as well as spacious floor plans and storage lockers on every floor.
Still Hunter, Chris Smiles and Kaya Suarez of CBRE represented the seller, Held LP, which had owned the property for 25 years. The buyer was Ortsac Investments.
“Horizons is an outstanding value-add investment with tremendous upside potential in one of Broward’s strongest suburban markets,” said Hunter, executive vice president at CBRE. “The lack of new supply and strong population growth in Sunrise have created a supply demand imbalance, resulting in the strongest five-year rent growth projections of any submarket in Broward County.”
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