Emerald Palms Venture LP, managed by Sydne Garchik and Stephen Garchik in Delray Beach, just paid $33.44 million for a bundle of affordable buildings in Dania Beach.
The 318-unit Emerald Palms Apartments at 5331 Southwest 43rd Terrace sold for $101,157 per unit. The buildings are scattered from each other and lie northeast of the Seminole Hard Rock Hotel and Casino.
The sellers were Miami-based Housing Trust Group and Park Place Enterprises, from Jenkintown, Pennsylvania, through their entity, Emerald Palms Apartments L.P.
Records show they purchased the apartments in 2001 for $12.6 million. The apartments were first developed in the 1970s.
Housing Trust Group President and CEO Matthew Rieger told The Real Deal rents range between $800 to $1,100, and the buyers are required to keep the buildings as affordable housing. The buyers also assumed a $2.5 million mortgage from the Florida Housing Finance Corp., property records show.
Rieger added Housing Trust Group performed “extensive rehabilitation” to the apartments after purchasing them – “new paint, kitchens, plumbing appliances, new roofs.”
Housing Trust Group has eight affordable housing developments breaking ground throughout Florida and an additional 10 with “firm financing allocations,” Rieger said. The firm also recently scored a $47.16 million construction loan for its first residential development in Arizona.