FL Multi-Family Project Gets 2nd Chance – Intervest Failed, Priderock Gives it a Go.

The 405 unit apartment complex in Lauderhill FL known as The Villas at Lauderhill was bought by Intervest National Bank back in ’05. They intended to convert it into condos. Just what FL needs more condos, right? Well, predictably, the project failed and the whole deal was in foreclosure.

Priderock Capital Partners, out of West Palm Beach, has now stepped in and bought the complex and is planning a huge rehabilitation. We presume it will remain an apartment complex rather than be converted to condos. Boca Raton based Apartment Realty Advisors facilitated the sale for Intervest.

We at MasterPlan are encouraged by Pridrock’s optimism. Doing anything in FL today takes guts.

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