NY developer pays $33M for Coconut Creek apartments
A New York-based developer closed on an apartment community in Broward.
Abacus Capital Group paid $33.2 million for Fisherman’s Landing, a 268-unit complex at 4854 Fishermans Drive in Coconut Creek.
Homebuilder Fairfield Residential was the seller. Avery Klann and Hampton Beebe of brokerage ARA represented Fairfield in the deal.
Fairfield purchased the 22-acre property in 2005 for $22 million, according to Broward County property records. The community, which opened in 1985, and had less than 5 percent vacancy at the time of sale, according to a release.
“Fisherman’s Landing is located within significant employment centers, is fully stabilized, and has benefited from long-term institutional ownership,” Klann said in a statement. “The property has experienced strong occupancy along with upside in rents, placing the asset in excellent position for additional revenue growth through value-add interior renovations.”
Abacus acquires, redevelops, manages and sells multi-family properties, according to the press release. Klann told The Real Deal that Abacus plans to renovate the property with upgrades to the units’ interiors, as well as some exterior remodeling. The company has properties in Arizona, California, Texas, North Carolina and Georgia, among others. — Sean Stewart-Muniz