The Real Deal Miami

Rockpoint to build Lauderdale Lakes apartments with $54M loan

Garden-style community will have 420 units

April 20, 2016 10:30AM
By Sean Stewart-Muniz

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Rendering of Atlantic Apartments

Rendering of Atlantic Apartments

An affiliate of Rockpoint Group is set to break ground on a new 25-acre apartment community in Lauderdale Lakes after it scored a $53.9 million construction loan.

The loan, provided by Wells Fargo, covers a stretch of lakefront vacant land at 3750 West Commercial Boulevard near the Fort Lauderdale Executive Airport.

With financing in hand, the Rockpoint affiliate also filed a notice of commencement with Broward County to begin construction on the Atlantic Apartments, a rental complex with 420 garden-style units.

Rockpoint is a private equity firm with offices in Dallas, Texas; San Francisco, California; and Boston, Massachusetts. Some of its recent deals include the $30 million purchase of a retail building on Miami Beach’s booming Lincoln Road.

Besides its Atlantic Apartments project in Lauderdale Lakes, the company is also looking to build a 346-unit community of a similar name in Delray Beach, according to its website.

County records show the company paid $12.325 million for the land where it’s building Atlantic Apartments in October.