Fort Lauderdale Community Trades for $103M
- Nov 26, 2019
Canada’s Frankforter Group has expanded its multifamily portfolio in Florida by snapping up a 420-unit, Class A apartment community north of Fort Lauderdale for $103 million. Located at 3700 Pacific Point Place in Lauderdale Lakes, the property, Atlantic Cypress Creek, was completed last year.
An affiliate of Atlantic | Pacific Cos. and Rockpoint Group sold the 21-building asset, which sits on a 25-acre site, according to title documents. FM Capital’s Senior Vice President Daniel Kaweblum arranged $74 million of senior debt with a national balance sheet lender, a statement by Frankforter Group indicates. The non-recourse loan has a less than 3.8 percent rate with four years of interest-only payments.
The property, which will be rebranded following the sale, is 95 percent occupied across a mix of one-, two- and three-bedroom units, a Frankforter Group representative informed Multi-Housing News.. Amenities include a clubhouse, fitness center, movie theatre, spa, swimming pool with cabanas and tennis court.
The community is located just south of Commercial Boulevard and east of State Road 7, with easy access to Interstate 95. Situated in Broward County between Fort Lauderdale and Pompano Beach, the city of Lauderdale Lakes is less than 30 miles north of downtown Miami.
South Florida Still Hot
The acquisition comes after Frankforter Group, a private real estate investment firm focused on opportunistic markets in Canada and the U.S., bought up The Livingston Apartments just north of Tampa, Fla., for $58.5 million in August. Cortland sold the 448-unit community at 15420 Livingston Ave. after investing in major capital improvements.
Investors have displayed a strong appetite for multifamily assets across metro Miami, with Fort Lauderdale attracting special interest, according to the most recent Yardi Matrix market report. The western part of Fort Lauderdale is the metro area’s most active hub of apartment development, with nearly 3,500 units underway as of June.
A joint venture between Stiles Corp. and PGIM Real Estate is developing the city’s tallest residential property, a 43-story, 380-unit luxury high-rise called Alluvion Las Olas. The downtown property topped out in September.
This past May, The Glen at Lauderhill, a 405-unit community southwest of Atlantic Cypress Creek, changed hands for $59 million. Bar Invest Group Inc. acquired the property in Lauderhill from Turner Impact Capital.
In March, TGM acquired Broadstone Harbor Beach, a 384-unit waterfront community in Fort Lauderdale, from Alliance Residential Co.