BOSTON--(BUSINESS WIRE)--Berkshire Group announced an affiliate of the company purchased a 264-unit Class A property in Fort Lauderdale, Florida, from The Related Group. Specific financial terms of the transactions were not disclosed. The property, which will be renamed Berkshire Lauderdale by the Sea, will be managed by Berkshire Communities, the property management subsidiary of Berkshire Group.
“The purchase of Berkshire Lauderdale by the Sea is indicative of our continued investment strategy in core properties in select target markets,” noted Jack Dent, Managing Director and Portfolio Manager at Berkshire Group. “Expanding into the Fort Lauderdale market also allows us to further diversify our portfolio.”
Completed in April 2015, the property features a fitness center, dedicated yoga area and treatment room, game room and club room. Apartment amenities include nine-foot ceilings, private balconies, granite countertops and stainless steel appliances.
Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The Company has experience in disciplines including acquisitions, portfolio and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of December 31, 2015, Berkshire Group had approximately $6.2 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshire-group.com.