New York firm pays $34M to buy Deerfield apartments from Fairfield

Miami /
Sep.September 28, 2016 04:30 PM

New York’s GFI Capital Resources Group, fresh off a fundraising round from the Israeli bond market, just paid $33.75 million to buy a Deerfield Beach apartment complex from Fairfield Residential.

County records show an affiliate of GFI bought the Lakes at Deerfield Apartments, a 212-unit rental community that was built in the early 1990s at 1100 South Military Trail. The price breaks down to $159,198 per apartment, and marks the latest trade in South Florida’s increasingly hot multifamily market.

GFI’s purchase appears to be an investment deal. The company announced its contract on the Tel Aviv Stock Exchange in June, saying Deerfield is one of Broward’s most expensive cities. Also in the announcement, GFI said 43 of the community’s units are rent stabilized until 2025.

The firm had just finished raising more than $31 million from the bond market, though it’s unclear if those funds were used to make this purchase. A request for comment to GFI was not immediately returned. County records show the deal was in part financed with a $7.1 million loan from Berkadia Commercial Mortgage

According to data from the CoStar Group, the Lakes at Deerfield Apartments was 95 percent leased as of late September, with asking rents averaging $1,422 per month.

The sale equates to a 35 percent boost in value over four years for Fairfield, which bought the complex in 2012 for $24.9 million, or $117,476 per unit.

In August, the Ohio-based company sold another similarly sized Deerfield apartment complex to the Scully Company for $36.5 million, or about $182,500 per unit.

GFI, headed by CEO Allen Gross, is a real estate investment company known for its development of boutique hotels in New York like the Ace and Nomad. The firm is among a host of New York real estate companies actively raising funds on the Israeli bond market to help finance developments and acquisitions.

TRD reporter Chava Gourarie contributed research to this article.


Related Articles

arrow_forward_ios
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Barron Real Estate principal Charles Ladd with JBL Asset Management Managing Partner Jacob Khotoveli and Plantation Marketplace at 7023 West Broward Boulevard in Plantation and Rivertowne Square at 1015 South Federal Highway in Deerfield Beach (Google Maps, LinkedIn, JLL)
Grocery store-anchored shopping center sales ignite South Florida’s retail market
Grocery store-anchored shopping center sales ignite South Florida’s retail market
Cabot Properties' Franz Colloredo-Mansfeld with Miramar Centre Business Park (Cabot, iStock) Lease, Logistics
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
arrow_forward_ios

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

Loading...