Prism Multifamily Buys Value-Add Portfolio in Florida for $54M

Newmark Knight Frank negotiated the sale of Hamlet Plantation and Continental Apartments on behalf of the seller.
Hamlet Plantation. Image courtesy of Newmark Knight Frank

Prism Multifamily Properties has acquired two multifamily communities totaling 398 units in southern Florida for $53.5 million. Newmark Knight Frank’s Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn represented the seller, Jenco Properties. 

The acquisition included Hamlet Plantation, located at 4401 NW 10th Court, Plantation, Fla. and The Continental Apartments, located at 1861 NW 46th Ave., Lauderhill, Fla. Developed in the 1970s, both communities are located within a mile of each other and are near downtown Fort Lauderdale. 

Hamlet Plantation offers a mix of one- and two-bedroom units select featuring walk-in closets. Residential amenities include three swimming pools, laundry facilities and reserved parking.

The Continental Apartments offers residents a mix of studio, one- and two-bedroom units featuring screened in balconies. Amenities include laundry facilities, reserved parking and separate swimming pools for adults and children. 

Prism Multifamily Group plans to update both of the properties by upgrading the unit interiors and adding fitness centers. 

Last month, Newmark Knight Frank closed the $71.5 million sale of Rancho Luna Sol, a 188-unit community in Fremont, Calif.