700-unit multifamily portfolio in South Florida hits the market

Owner has spent about $13 million in property improvements

Feb.February 10, 2016 03:45 PM

A portfolio of three apartment complexes in South Florida is being listed for sale for an undisclosed price.

The 701-unit portfolio includes the Palm Gardens, a 174-unit market-rate complex in Hollywood; Carib Villas, a 365-unit market-rate property; and Cutlerwood, a 162-unit community with an affordable housing contract in place. The latter two are in South Miami-Dade.

Tal Frydman, Yoav Yuhjtman and Fernando Polanco of Berkadia, a Berkshire Hathaway and Leucadia National company, are the listing agents. Records show an affiliate of the Hollywood-based Cornfeld Group owns the properties, which are all low-rise, garden-style buildings that were developed between 1963 and 1973.

Frydman told The Real Deal the long-term owner has spent between $12 million and $13 million in property improvements, including new kitchens, tile, appliances and countertops. They are all between 97 percent and 98 percent occupied, he said.

The Hollywood apartments, at 5500 Washington Street, are divided into four three-story buildings. Units average 776 square feet and are located near Hollywood Boulevard and I-95.

In Miami, the Carib Villas include seven buildings and one clubhouse at 11105 Southwest 200th Street. That property is near the third complex in the portfolio, Cutlerwood at 10960 Southwest 200th Street. It has a HAP, or housing assistance payments, contract in place, according to marketing materials.

Frydman said potential buyers include large private capital investment firms. The properties are being listed individually or together.

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