Royal Palms apartments in Broward sold for $12M

The Royal Palms at Inverrary apartment complex in Lauderhill traded for $12 million. Royal Palms at Inverrary LLC, a Dania Beach-based company managed by Ruth E. Gerstle, sold the 208-unit complex to Royal Palms at Lauderhill LLC. The buyer, a Hialeah-based company managed by Santiago J. Alvarez, received a $9 million loan from Miami-based City National Bank of Florida. The price equates to $57,692 per unit. The property last traded for $13.6 million in 2008, so this was a discount to that deal. Royal…