South Florida Community Sells for $47M
- Oct 30, 2019
Canada’s Prism Multifamily Group has acquired 72 West, a 291-unit community outside Fort Lauderdale, Fla., for $47 million. The seller was The Embassy Group, according to Yardi Matrix. Managing Directors Roberto Pesant and Jaret Turkell and Director Yoav Yuhjtman of Berkadia arranged the sale.
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Built in 1987, the nine-building property is located at 8650 NW 61st St. in the Broward County city of Tamarac. The community offers one- and two-bedroom apartments ranging from 756 to 899 square feet, with amenities that include a fitness center, business center, a tennis court and two clubhouses with swimming pools. Six of the buildings are three-story, garden-style structures served by elevators, while three buildings are single-story villas with semi-private entrances and patios.
The asset changed hands multiple times before The Embassy Group bought 222 units for $22 million in a “fractured condo” deal, referring to a transaction in which a minority of the project’s condos had already been sold. After the acquisition, The Embassy Group managed to buy back the remaining privately owned units, collapse the homeowners’ association (HOA), and stabilize and rebrand the property—formerly named Jasmine at Tamarac—as 72 West.
Nearing 100 percent occupancy
Occupancy of the property is currently at 95.5 percent, according to a statement by Berkadia. The community is located within 5 minutes of the Sawgrass Expressway and 10 minutes of Florida’s Turnpike. It is also about 5 miles from the Sawgrass Mills Mall and the BB&T Center, an indoor arena.
Prism provides acquisition and asset management solutions involving U.S. multifamily assets to Canadian family offices.