Fort Lauderdale Value-Add Portfolio Trades for $54M
- May 29, 2020
Prism Multifamily Group has spent $53.5 million for a 398-unit, value-add portfolio from Jenco Properties, Yardi Matrix data shows. New York Community Bank originated a $40.1 million loan to finance the acquisition of the 230-unit Hamlet in Plantation, Fla., and the 168-unit Continental in Lauderhill, Fla. The debt is set to mature in 2030. Recently, New York Community Bank provided a $329 million loan to Clipper Equity for the refinancing of a 2,498-unit affordable housing property in Brooklyn.
Located at 4561 N.W. 10th Court, Hamlet is less than 1 mile from the Florida Turnpike, 3 miles from Interstate 95, with Fort Lauderdale being 6 miles away. The 1970-built community comprises one- and two-bedroom apartments in 14 two-story buildings. Common-area amenities include three pools and 300 parking spaces.
Continental consists of one- and two-bedroom apartments in 8 three-story buildings located at 1761 N.W. 46th Ave. Common-area amenities at the 1971-built community includes five pools and three laundry facilities. The asset is a little over 3 miles from the Florida Turnpike and some 7 miles from Fort Lauderdale. Both properties are located 3 miles apart, in dense residential areas.