Bar Invest Group, led by Herve Barbera, has acquired the 358-unit The Landings at Pembroke Lakes for $79.5 million, roughly $222,000 per unit. The property traded at a reported 4.5% cap rate and was 95% occupied at the time of sale. The seller was Starwood Capital Group who acquired the garden style multifamily property in 2016. The transaction was completed via an Entity Purchase, which involves transferring the LLC which owns the asset and not the deed, which is used in order to avoid paying documentary stamp taxes. The sale was financed with a $52.88 million loan provided by BankUnited NA. The transaction was overseen by Kaya Suarez and Still Hunter with Walker and Dunlop.

The Landings at Pembroke was developed in 1989 and is located on a 26.6 acre site at 10650 Washing St. in Pembroke Pines. The property features seventeen garden-style buildings with units ranging from one to two-bedroom layouts and from 486 square feet to 1,046 square feet. Bar Invest plans to execute a value add strategy and renovate the property by updating the common areas and apartment interiors. Amenities include a fitness center, pool, grill area, tennis and volleyball courts, racquetball, laundry facilities, business center and on-site management.