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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
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.