The Real Deal Miami

Coconut Creek apartment complex, land sold for $44M

AERC Cypress Shores LLC sold nearly 1.9 million square feet of land

December 16, 2014 01:00PM
By Katherine Kallergis

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Cypress Shores Apartments, 1901 Lyons Road

Cypress Shores Apartments, 1901 Lyons Road

Five combined pieces of Coconut Creek property were sold for $44.3 million on Friday.

AERC Cypress Shores LLC sold the nearly 1.9 million square feet of land to Northland Cypress Shores LLC. The land includes Cypress Shores Apartments at 1901 Lyons Road, and Lyons Road and Hammock Boulevard.

Richmond Heights, Ohio-based Associate Estates Realty Corporation’s Lou Fatica, Jeffrey Friedman, Scott Irwin and Lisa Lorenzo are listed as the AERC Cypress Shores’ officers. The real estate investment trust bought the land for a combined $34 million in 1999, according to county records.

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