Fairfield Residential sells Broward apartments for $34M September 28, 2016

South Florida Business Journal | Sep 28, 2016

An affiliate of national apartment investor Fairfield Residential sold the Lakes at Deerfield Apartments for $33.75 million.

Fairfield Deerfield, an affiliate of San Diego-based Fairfield Residential, sold the 212-unit community at 1100 S. Military Trail in Deerfield Beach to Deerfield Beach Apartments, an affiliate of New York-based GFI Capital Resources Group. The deal included the assumption of an extended low-income housing agreement with the Florida Housing Finance Corp.

The price equated to $159,198 per unit. It last traded for $24.9 million in 2012, so it increased in value by nearly 36 percent.

The Lakes at Deerfield was built on the 14.2-acre site just south of Southwest 10th Street and west of Interstate 95 in 1995.

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