The Real Deal Miami

Related, Fannie Mae get $15M for apartments

Companies sell Plantation complex to Massachusetts investor
January 29, 2014 10:30AM

7261 Northwest 16th Street in Plantation

7261 Northwest 16th Street in Plantation

A joint venture between the New York-based Related Companies and Fannie Mae has sold a Plantation apartment complex for $15 million, The Real Deal has learned.

Related Plantation Meadows and CAM Plantation Meadows sold the 170-unit complex at 7261 Northwest 16th Street on Monday, according to Broward County records. The county recorded the transaction Tuesday. Related has a 25 percent stake in the venture, while Fannie Mae holds a 75 percent interest.

Northland Plantation Meadows of Newton, Mass. is the buyer. State corporate records show the company is tied to real estate firm Northland Investment Corp. It obtained an $11.9 million loan from CBRE Capital Markets for the purchase.

The 152,000-square-foot complex was constructed in 1973. — Eric Kalis