The Real Deal Miami

North Lauderdale apartment complex fetches $37M

South Carolina company picks up 220-unit Altis at Cypress Creek community
November 13, 2014 10:30AM

Altis at Cypress Creek

Altis at Cypress Creek

The Altis at Cypress Creek community in North Lauderdale changed hands for nearly $37 million.

GS North Lauderdale LLC of Charleston, S.C. acquired the 220-unit apartment complex at 1700 South State Road 7 in a deal recorded on Wednesday, according to Broward County records. The company assumed a $23.5 million loan from PNC Bank as part of the transaction.

The seller is a company tied to developer The Altman Cos., which paid $6.9 million for the 10-acre site in June 2008 and constructed the complex a year later. — Eric Kalis