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Praedium pays $94M for Pompano Beach rental complex
Sale of Luzano Luxury Apartments breaks down to about $233k per unit
An affiliate of Praedium Group just paid $94.1 million for a Pompano Beach rental complex completed last year.
The 404-unit Luzano Luxury Apartments, at 100 Northwest 33th Avenue, traded hands for about $232,920 per unit. It was developed and sold by West Atlantic Boulevard Apartments Investors, which is tied to UBS Realty Advisors.
Records show the seller bought the 24-acre property in 2015 for $3.64 million. The apartment complex features one- to three-bedroom apartments. Amenities include a pool, fitness center, clubhouse, playground and a dog park.
Praedium financed the deal with a $61.58 million loan from New York Life Insurance Company.
Formed in 1991, New York-based Praedium has completed more than 360 transactions representing over $10 billion, according to its website.
Nearby, Lennar Homes is converting the former 109-acre Crystal Lakes Golf Club in Deerfield Beach to a single-family and townhome community. It paid $12.8 million for the 109-acre golf course at 3810 Crystal Lake Drive in March.
Praedium has also been active in Boca Raton. In 2015, it sold a trio of Boca Raton office properties for more than $28 million. It also sold an adjacent 18.7 acres of vacant land for $14.8 million to a joint venture led by CC Residential, led by Armando Codina and James Carr.