The Real Deal Miami

Waterton Associates sells Broward rentals to West Palm firm for $37M

Class B complex sold for about $163,000 per apartment

November 23, 2016 01:30PM
By Katherine Kallergis

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North Lauderdale apartments at 1949 Cove Lake Road. Inset: Priderock managing partners George Banks and David Khoury

North Lauderdale apartments at 1949 Cove Lake Road. Inset: Priderock managing partners George Banks and David Khoury

Chicago-based Waterton Associates sold a North Lauderdale apartment home complex to affiliates of Priderock Capital Partners for $36.5 million.

The 224-unit community, at 1949 Cove Lake Road, sold for about $163,000 per unit.

Records show WRPV XI Lakeview Lauderdale LLC sold the complex to PRCP-Lauderdale LLC, Belmont Navy Investments LLC, KOD-PR LLC, One Intercontinental Limited Partnership, Alexandria Rascals LLC, Bruce R. Abernathy Jr. as trustee of the Lichtenberger Family Trust, Darlene Jordan, Nicholas Gleysteen as trustee of the Charlotte’s Trust and George Boston LLC.

CoStar data shows the property was not officially on the market, but Priderock took over management and renamed the community to Glen at Cypress Creek this month.

Asking rents average $1.38 per square foot or $1,352 a month, according to CoStar. Apartments range from 760 square feet to 1,238 square feet and from one to three bedrooms. The vacancy rate at the North Lauderdale complex, at 2.7 percent, is lower than the overall 4.8 percent market vacancy.

The Class B development was built in 1998 and includes 425 parking spaces. It sits on nearly 44 acres, and last sold for $26.4 million in 2011, according to property records. That breaks down to $118,000 per apartment.

Earlier this year, a Canadian investment firm sold the first phase of Parrot’s Landing, at 7900 Hampton Boulevard in North Lauderdale, to a company managed by Indra Singh for $131,740 per unit.

Priderock is a West Palm Beach-based multifamily asset management and development firm with more than 7,500 units across 15 states in portfolio, according to the company’s website.

Waterton Associates focuses on multifamily and hospitality properties in the United States.

TRD Researcher Eda Kouch contributed to this report.

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