Ortsac buys Pembroke Pines multifamily at discount for $53M
Ortsac Capital Group bought a 206-unit apartment complex in Pembroke Pines for $52.5 million, marking a slight discount from its purchase price six years ago. The deal at a 5.6 percent discount comes amid higher interest rates and South Florida’s multifamily market slowdown compared to the post-pandemic boom. Ortsac, led by married couple Bobby and Sofia Castro, bought the Ventura Pointe property at 7850 Pasadena Boulevard from Dallas-based Lloyd Jones, according to records and real estate database Vizzda. The price breaks down to $254,854 per apartment. The buyer assumed the seller’s existing $38.6 million loan from MetLife Real Estate Lending […]This article originally appeared on The Real Deal. Click here to read the full story.
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