700-unit multifamily portfolio in South Florida hits the market

Miami /
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.


Related Articles

arrow_forward_ios
Rendering of spa planned at 1203 N Federal Highway (City of Hollywood)
Rags to riches: Upscale spa planned for former Hollywood homeless shelter site
Rags to riches: Upscale spa planned for former Hollywood homeless shelter site
BTI Partners CEO Noah Breakstone and a rendering of the new building at 1747 Van Buren Street (BTI Partners)
Hollywood’s Bread Building redevelopment project scores $83M loan
Hollywood’s Bread Building redevelopment project scores $83M loan
Legacy CEO Tom Cabrerizo and Stirling Village at 4150 Davie Road Extension (Legacy Residential, Google Maps)
Legacy Residential pays $17M for Hollywood apartments
Legacy Residential pays $17M for Hollywood apartments
From left: American Landmark’s Joseph Lubeck, Park Row Equity Partners’ President Alan Steinberg and the Park Colony Apartments at 812 South Park Road (Google Maps, American Landmark, Park Row Equity Partners)
American Landmark JV sells Hollywood apartments for $70M
American Landmark JV sells Hollywood apartments for $70M
Chateau Group's Manuel Grosskopf with 901 South Ocean Drive (LinkedIn, Google Maps)
Hollywood site of derailed condo project trades for $15.5M
Hollywood site of derailed condo project trades for $15.5M
From left: The Estate Companies' managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard (The Estate Companies)
Estate Companies’ Pompano Beach, Hollywood apartment projects advance
Estate Companies’ Pompano Beach, Hollywood apartment projects advance
Charles “Chip” Abele and the 1818 Park project at 1818 Hollywood Boulevard (1818 Park)
Charles “Chip” Abele sells Hollywood mixed-use project for $66M tied to $84M refi
Charles “Chip” Abele sells Hollywood mixed-use project for $66M tied to $84M refi
Sergio Agüero with 900 South Northlake Drive (Getty, 1 Oak Studios, iStock)
Soccer star Sergio Agüero pays record $15M for Hollywood mansion
Soccer star Sergio Agüero pays record $15M for Hollywood mansion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...