The Real Deal Miami

Coral Springs firm buys apartment complex in Fort Lauderdale for $7M

Apartment complex traded for about $108,000 per unit
By Amanda Rabines | July 19, 2017 05:45PM

North Fork Gardens Apartments. From left to right: Dan Dratch, Hernando Perez and Kameron Djamal

UPDATED July 19, 9:50 p.m.: A Coral Springs-based company just paid $6.99 million for a 65-unit apartment complex and two vacant lots in Fort Lauderdale, property records show.

The North Fork Garden Apartments at 1421 and 1461 Northwest First Street traded for about $108,000 per unit.

Records show the buyer, City View Colony LLC, an entity of KVR Properties, is led by Arvind Reddy. The company financed the purchase with a $5.76 million loan from Capital One Multifamily Finance

First Ave. Apartments LLC, led by Charles Ittah, sold the 3.3-acre property. Records show Ittah purchased the apartment complex in 2015 for $3.85 million, plus $50,000 for the two adjacent lots totaling 13,380 square feet.

The complex, built in 1972, consists of six, two-story buildings.

Franklin Street’s Kameron Djamal, Hernando Perez, Dan Dratch and Tony Gannacone represented the buyer and seller.

About 20 percent of the apartment complex falls under Section 8 housing, Djamal said. The apartment complex offers two-bedroom, one-bathroom apartments and three-bedroom, one-bathroom apartments that average 781 square feet.

Djamal told The Real Deal the seller spent about $300,000 on renovations, which included painting, replacing the laundry machines and landscaping. The seller also installed automatic gates and cameras.

While multifamily investment sales have slowed down since 2015 and 2016, deals are picking back up this quarter. Last month a Class C apartment complex in Tamarac sold to a Hollywood-firm for $12.35 million. The deal broke down to about $96,000 per apartment.