Investcorp sells Coral Springs apartment complex
$42M sale breaks down to $231k per unit
Investcorp just sold a 180-unit apartment complex in Coral Springs for $41.53 million, property records show.
An affiliate of the Bahraini private equity firm sold the Arium San Remo, at 3400 Coral Springs Drive, to Atrium Square LLC, a Delaware company led by Arvind Reddy. The property traded hands for about $231,000 per apartment.
Reddy is an investor/operator with KVR Properties, which focuses on under-performing commercial real estate properties, according to his LinkedIn profile. Atrium Square financed the deal with a $31.43 million mortgage from Warrenton, Virginia-based Greystone Servicing Corp.
Units range from 1,141-square-foot two-bedroom townhouses to 1,471-square-foot three-bedroom townhouses, with rents starting at $1,560, according to Arium’s website. The complex includes 14 three-story buildings built in 1995, a gym, pool, dog park and playground.
Investcorp paid $34 million for the 12-acre site in 2014.
Investcorp’s U.S. commercial real estate arm focuses on mid-market core and core-plus investments, according to its website. Last year, it paid more than $105 million for three student housing communities in Boca Raton.
In July, Arvind’s KVR Properties paid $6.99 million for a 65-unit apartment complex and two lots in Fort Lauderdale.