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ategory Five Real Estate, an Aventura-based firm, has expanded its South Florida portfolio with the acquisition of two garden-style lakefront apartment complexes. The properties, Blue Lake Apartments and Lake Shore Presidential Apartments, have a combined 196 units.

    The firm paid $18 million for Blue Lake Apartments at 1205 Northwest 103rd Lane and $29 million for Lake Shore Presidential Apartments at 1260 Northwest 95th Street. Category Five plans to renovate the properties, which will allow them to increase rents by about 10 percent from the current average of $1,800 a month.

    The complexes are located in unincorporated northwest Miami-Dade, bordering Miami Shores and North Miami. Blue Lake Apartments was completed in 1991 and has four one-story buildings with 108 units, while Lake Shore Presidential Apartments was built in 1966 and features four three-story buildings with 180 units.

    Category Five's portfolio now includes over 600 units across six properties, including those in Deerfield Beach, Pompano Beach, Lauderdale Hills, and Miami's Little River neighborhood. The firm plans to renovate the acquired properties by replacing roofs, installing new vinyl floors, granite countertops, and stainless steel appliances.

    Once renovations are complete, Category Five can raise rents at its recently acquired properties, which will add value to their existing portfolio.