Phoenix Realty pays $70M for North Lauderdale rental complex

Buyer purchased the apartment complex for 22% more than what it last traded for in 2016

Miami /
Nov.November 30, 2018 05:30 PM

J. Michael Fried of Phoenix Realty and the Hamptons at North Lauderdale (Credit Apartments and Phoenix Realty Group)

New York-based Phoenix Realty just paid $69.7 million for an apartment complex in North Lauderdale, more than 22 percent what the property traded for just two years ago.

Parrots Landing LLC, which is managed by Sewesattie Ramsamooj of Parkland, sold the 408-unit, 17-acre development at 7900 Hampton Boulevard for about $171,000 per unit, property records show. Parrots Landing bought The Hamptons at North Lauderdale property in 2016 for $53.8 million.

The apartments range from one-bedrooms, starting at $1,175, to three-bedrooms, starting at $1,620, according to Apartments.com.

Phoenix Realty is led by J. Michael Fried, who was previously the founder and CEO of Related Capital Company (the real estate financial services arm of The Related Companies), according to the firm’s website.

Jaret Turkell and Maurice Habif of HFF represented the seller.

The purchase signals a growing interest in Class B multifamily properties in western Broward County and in areas outside the urban core.

The majority of the top multifamily deals in South Florida between August 2017 and July 2018 were for apartment buildings located in suburban cities west of I-95, the Florida Turnpike and the Palmetto Expressway. Over the next three years, Robert Given of Cushman Wakefield previously said he expects institutional investors’ appetite for suburban assets to continue based on millennials moving into these areas.


Related Articles

arrow_forward_ios
Aerial view of some of the properties: 124 Bamboo Road, 112 Bamboo Road,  106 Bamboo Road, 135 Bamboo Road, 337 Bamboo Road (Google Maps)
New York firm sells Palm Beach Shores apartment portfolio for $17M
New York firm sells Palm Beach Shores apartment portfolio for $17M
Thomas Walter, president, Applied Hospitality in front of the Del Mar Estates at 611 Northeast 29th Drive in Wilton Manors (Applied Hospitality, LoopNet)
Boston-based boutique hotelier buys Wilton Manors apartment building for $8M
Boston-based boutique hotelier buys Wilton Manors apartment building for $8M
Joel L. Altman, chairman and co-chief executive officer; Seth M. Wise, co-chief executive officer; and rendering of the AltĂ­s Blue Lake apartment community being developed in Palm Beach County, near Wellington and Lake Worth Beach (Altman Companies)
Altman pays $14M for golf course development site near Lake Worth Beach
Altman pays $14M for golf course development site near Lake Worth Beach
Laguna Pointe Apartments are at 903 Southwest 15th Street in Pompano Beach, 25370 Southwest 137th Avenue in Homestead and Sanctuary Cove Apartments at 5301 West McNab Road in North Lauderdale (Redfin, Apartments.com, Google Maps)
Blackstone goes all-in on South Florida affordable housing with over $300M portfolio deal
Blackstone goes all-in on South Florida affordable housing with over $300M portfolio deal
Charles Kushner, Nicole Kushner Meyer and Laurent Morali with a rendering 1900 and 2000 Biscayne (Kushner Companies)
Kushner, partner buy missing piece of Edgewater multifamily dev site
Kushner, partner buy missing piece of Edgewater multifamily dev site
1029, 1035 and 1043 94th Street in Bay Harbor Islands, FL (Google Maps)
New York broker pays $8M for Bay Harbor Islands apartments
New York broker pays $8M for Bay Harbor Islands apartments
Cam Group's Pedro Camejo and a rendering of Calle Ocho
Little Havana developer completes assemblage for 200-unit apartment building
Little Havana developer completes assemblage for 200-unit apartment building
From left: Charles Kushner, Wes Powell, Nicole Kushner Meyer and Laurent Morali with a rendering of the planned development (Kushner, Stantec, ODA Architecture, iStock)
Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
arrow_forward_ios

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

Loading...