Residential Management NY pays $43M for Lauderhill apartments

TH Real Estate sold the 272-unit development for about $157k per unit

Miami /
Nov.November 01, 2018 02:30 PM

Waterford Park Apartment Homes

Residential Management NY, a Brooklyn-based real estate firm, just paid $42.6 million for an apartment complex in Lauderhill.

Waterford Park Apartments LLC, a company tied to TH Real Estate, sold Waterford Park Apartment Homes at 7505 Northwest 44th Street to Waterford Park Apartment Homes LLC, an affiliate of Residential Management NY.

The 272-unit development sold for about $157,000 per apartment. It was built in 1987 on a 21.2-acre site.

The buyer financed the deal with a $30.17 million loan from Capital Bank. According to Florida’s corporate records, Mordechai Schapira and Labe Twerski manage the buyer’s LLC. Twerski also signed the mortgage.

Property records show the complex last sold for $21.4 million in 2011. TH Real Estate is an affiliate of Nuveen Investments, which serves as the investment management arm of TIAA. 

Across South Florida, institutional investors and other buyers are seeking out multifamily properties in the suburbs of Miami-Dade, Broward and Palm Beach. The demand for these properties has generally remained steady.

In the Lauderhill/Sunrise submarket of Broward, rental apartment occupancy rose in the third quarter, year-over-year, to 95.2 percent, according to a recent Berkadia report. Average rent also increased 5 percent annually to $1,347.

In March, Summit Property Group sold a 352-unit apartment complex at 4491 Northwest 19th Street in Lauderhill to Federal Capital Partners for $28.5 million, or about $81,000 per unit.


Related Articles

arrow_forward_ios
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
Walton Street Capital buys Boynton Beach apartments for $93M
Walton Street Capital buys Boynton Beach apartments for $93M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Avery Pompano Beach apartments with Yaakov Frankforter of Frankforter Group (LinkedIn via Frankforter, Avery Pompano Beach)
Frankforter Group buys Pompano Beach apartments for $43M
Frankforter Group buys Pompano Beach apartments for $43M
The Johnson and Wales campus and PMG principals Kevin Maloney and Ryan Shear (PMG)
PMG pays nearly $60M for Johnson & Wales North Miami campus
PMG pays nearly $60M for Johnson & Wales North Miami campus
Louis Puig and 333 Jefferson Avenue in South-of-Fifth (Google Maps)
Former Club Space owner buys South Beach apartments for short-term rentals
Former Club Space owner buys South Beach apartments for short-term rentals
Westdale president and CEO Joe Beard and Jeff Ardizon and Robert Suris of The Estate Companies with Soleste Bay Village (Estate, Soleste Bay Village)
Estate Companies sells Palmetto Bay apartment complex for $58M
Estate Companies sells Palmetto Bay apartment complex for $58M
The Devon Apartments in North Beach (Google Maps)
North Beach apartment building deemed unsafe, ordered evacuated
North Beach apartment building deemed unsafe, ordered evacuated
Royal Palm Companies CEO Daniel Kodsi with renderings of the project (LinkedIn via Kodsi, Royal Palm Companies)
Royal Palm Cos. scores $65M construction loan for Dania Beach multifamily
Royal Palm Cos. scores $65M construction loan for Dania Beach multifamily
arrow_forward_ios

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

Loading...