Praedium pays $94M for Pompano Beach rental complex

Sale of Luzano Luxury Apartments breaks down to about $233k per unit

Miami /
Oct.October 26, 2018 11:30 AM

Luzano Luxury Apartments and Russell Appel, founding principal of Praedium Group

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.


Related Articles

arrow_forward_ios
Celebration Pointe and Andrew Farkas (Garco)

Island Capital affiliate pays $64M for Margate apartments

Island Capital affiliate pays $64M for Margate apartments
Renderings of Wave 70 and Wave 90

Dania Beach approves 760-unit apartment complex next to Dania Pointe

Dania Beach approves 760-unit apartment complex next to Dania Pointe
AHS Residential CEO Ernesto Lopes and AEW Global CEO Jeff Furber with 13700 Southwest 256th Street (Google Maps)

Alphabet soup: AEW pays AHS $57M for Homestead apartments

Alphabet soup: AEW pays AHS $57M for Homestead apartments
Cortland Partners CEO Steven DeFrancis and 1900 to 2300 North 29th Avenue, Hollywood (Google Maps)

Cortland pays $92M for Hollywood apartment complex

Cortland pays $92M for Hollywood apartment complex
Investcorp co- CEOs Hazem Ben-Gacem and Rishi Kapoor, Ventures CEO Tom Scott and 135 Northwest 20th Street in Boca Raton (Investcorp; Ventures; Google Maps)

CA Ventures buys Boca Raton apartment complex for $80M

CA Ventures buys Boca Raton apartment complex for $80M
Laurent Morali and Charles Kushner (iStock)

Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects

Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
Rendering of The Linton and Craig Menin

Menin Development wins initial approval for redevelopment of Delray Beach shopping center

Menin Development wins initial approval for redevelopment of Delray Beach shopping center
Midtown Five with (from top) Magellan CEO David Carlins, Sterling Equities' Fred Wilpon and Saul KatzĀ 

Magellan sells Midtown Miami apartments for $154M

Magellan sells Midtown Miami apartments for $154M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...