The Real Deal Miami

Residential Management NY pays $43M for Lauderhill apartments

TH Real Estate sold the 272-unit development for about $157k per unit
By Katherine Kallergis | November 01, 2018 02:30PM

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.