The Real Deal Miami

Praedium pays $94M for Pompano Beach rental complex

Sale of Luzano Luxury Apartments breaks down to about $233k per unit
By Amanda Rabines | October 26, 2018 11:30AM

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.