The Praedium Group has acquired a 404-unit apartment community in Pompano Beach, Fla., for $94.1 million from ZOM Living. The deal was financed with a $61.6 million loan from New York Life Insurance Company, according to Yardi Matrix data.
Luzano Apartments, located at 100 NW 33rd Ave., was built in 2017 and is situated in a central location about 12 miles north of Fort Lauderdale, with easy access to Florida’s Turnpike and Interstate 95. The apartment community consists of 19 three-story apartment buildings and offers a mix of one-, two- and three-bedroom units with an average size of 1,002 square feet.
Amenities at the 95 percent-occupied community include a swimming pool, fitness center, clubhouse, dog park, central lake, walking trails and controlled access gates.
“As evidenced by adjacent new developments, the property’s surrounding location is going through a transformation,” said Lindsay Schuckman of The Praedium Group, in a prepared statement. “Luzano sits in an opportunity zone, which should encourage further redevelopment in the area.”
Praedium recently acquired a 500-unit multifamily community in Newnan, Ga., with plans to rebrand and renovate the property.
Image courtesy of Yardi Matrix