Hollywood firm buys Tamarac apartments for $12.4M

Seller restored 129-unit complex, brought occupancy up from 30% to 97%

Jun.June 12, 2017 04:30 PM

Vizcaya Villas Apartments. Inset: Deme Mekras and Elliot Shainberg

A Class C apartment complex in Tamarac sold for $12.35 million, nearly three times its last sale in 2012, Broward County property records show.

Greenview Tamarac LLC, an entity led by Moishe Y. Mendlowitz of New Jersey, sold the Vizcaya Villas Apartments at 10000 North Nob Hill Road to Nob Hill Circle LLC, a company tied to Hollywood-based Coastline Management Group.

The 129-unit, 8.5-acre property last sold for $4.3 million in 2012. At the time of that sale, the property was only 30 percent occupied, Deme Mekras of MSP Group told The Real Deal. Greenview Tamarac restored the complex’s interiors and common areas and made structural repairs, then leased the apartments. It’s now about 97 percent occupied, Mekras said. Rents average $960 a month.

Mekras and his partner Elliot Shainberg brokered the off-market deal, which breaks down to about $96,000 per apartment. Nob Hill Circle financed the deal with a $9.63 million mortgage from Pacific National Bank, records show.

The deal was challenging because Vizcaya Villas is wood-frame construction instead of the standard concrete block standard found in South Florida, and also because the seller was locked into a commercial mortgage-backed securities loan that couldn’t be repaid for the first two years, Mekras said. Although it went under contract in August, it didn’t close until this month due to the deal’s structure.

Last year Elandis sold a 222-unit apartment complex also in Tamarac for $22 million, or nearly $100,000 per unit, to a New York-based private equity investor. Homebuilders 13th Floor Investments and Pulte Homes have also recently launched projects in Tamarac.

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