The Real Deal Miami

Investors pay $15 million for 222 apartment units in Tamarac bulk buy

January 10, 2013 09:45AM

A real estate investment group has paid $15 million for 222 units in the 291-unit Jasmine Condominiums  apartment complex in Tamarac, according to Marcus & Millichap, which arranged the sale. Jasmine Palms is currently managing the 222 units as apartments. The seller was an Israel-based private investment company. The buyer has offices in Miami, New York and Panama.  “New completions in the area have been virtually nonexistent for two years running, creating pent-up demand that the new owner is well-positioned to leverage,” said Tal Frydman, a vice president for investments at Marcus & Millichap, who represented both sides along with colleagues Derek Gibbs and Daniel Cunningham. “With the metro’s vacancy rate falling 110 basis points to the lowest year-end level in six years, this is an excellent time to invest.” Jasmine Palms is located at 8650 NW 61st STreet in Tamarac. —Alexander Britell