Fruchtlander family buys Hollywood, Florida rental for $32M

FBE Limited bought 300-unit, six-building complex

Miami /
Oct.October 04, 2021 06:30 PM

4000 North 56th Avenue in Hollywood FL (LoopNet, iStock)

UPDATED, 10:10 a.m., Oct. 5: The Fruchtlander family is continuing its march into South Florida.

FBE Limited, the family’s office, purchased The Club at Emerald Waters, a 300-unit, six-building complex spread across 4.9 acres in Hollywood, Florida. FBE paid $31.9 million for the property, according to the Commercial Observer.

The rents charged at the complex range from $1,249 to $2,136 per month, according to Apartments.com.

The complex last changed hands in 2014. Miami-based Monument Real Estate Services purchased the property at the time for $31.5 million, slightly less than its recent sale price.

The Commercial Observer reports Arbor Realty SR provided $62.7 million in financing to FBE for the rental purchase in a loan that’s set to mature in three years.

Westwood Realty Associates’ Steven Vegh brokered the deal.

The Fruchtlander family has typically based its real estate efforts in New York City, particularly in Brooklyn. However in recent months, FBE, which is led by Abraham Fruchthandler and managed by Yehoshua Leib Fruchthandler, has shown an appetite for properties in South Florida.

Three months ago, an affiliate tied to FBE purchased a Lauderhill apartment complex from an affiliate of New York-based Code Capital Partners for $94.6 million. The FBE affiliate took out an $80.4 million loan from MF1 Capital to fund the purchase.

Previously, Abraham Fruchtlander’s company purchased five properties on the South Brooklyn waterfront in Gravesend for $57.5 million in January 2020. Signature Bank provided about $32.8 million in financing for the deal.

The multifamily market in South Florida experience a surge in recent months. In August, a dozen of apartment buildings in Miami Beach were traded for $31 million. Kerem North Beach Apartments was the buyer in the portfolio deal, while New York investor Elliot Sohayegh was the seller.

[CO] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
    New NYC rent law “beginning to shut down investment”
    New NYC rent law “beginning to shut down investment”
    Numbers were down across the board (Credit: iStock)
    New York’s multifamily market had its slowest first half of the year since 2011
    New York’s multifamily market had its slowest first half of the year since 2011
    Almost half of NYC buildings received either a D or F grade (Getty)
    48% of NYC buildings fail on energy efficiency
    48% of NYC buildings fail on energy efficiency
    Durst Organization Chairman Douglas Durst and Port Authority Chairman Kevin O’Toole (Getty, O'Toole Scrivo)
    1 WTC set for $700M refinancing
    1 WTC set for $700M refinancing
    Dollar General to open 1k stores aimed at wealthier, more suburban shoppers
    Dollar General to open 1k stores aimed at wealthier, more suburban shoppers
    Dollar General to open 1k stores aimed at wealthier, more suburban shoppers
    (Facebook via The Palms Hotel Fire Island)
    Fire (Island) sale: Palms Hotel hits the market
    Fire (Island) sale: Palms Hotel hits the market
    Trump International Hotel D.C. and Donald Trump (Getty, Trump Hotels)
    Trump could profit $100M in DC hotel sale
    Trump could profit $100M in DC hotel sale
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...