Greystar sells North Lauderdale apartment complex for $46M

Avana Cypress Creek Apartments sold for nearly $209K per unit
By Keith Larsen | May 13, 2019 09:45AM

The Avana Cypress Creek Apartments at 1700 South State Road and Greystar CEO Bob Faith (Credit: Greystar)

The Avana Cypress Creek Apartments at 1700 South State Road and Greystar CEO Bob Faith (Credit: Greystar)

Greystar sold a North Lauderdale apartment complex to Eaton Vance Management for $46 million, signaling continued demand for multifamily properties in Broward County.

The Charleston, South Carolina-based company sold the 220-unit Avana Cypress Creek Apartments at 1700 South State Road 7 for $209,090 per unit, records show.

The complex has one- to three-bedroom apartments, with monthly rents ranging from $1,472 to $2,372, according to apartments.com.

The property sits right off the Florida Turnpike, close to the Fort Lauderdale Executive Airport. Greystar bought the complex for $36.5 million in 2014, according to records. It was built in 2009.

Greystar is one of the largest apartment developers in South Florida. It is currently building a 25-story, 329-unit apartment tower with ground-floor retail in downtown Fort Lauderdale. In 2016, the company paid $89 million for the Astor Companies’ InTown apartment complex in Little Havana.

Eaton Vance has also been active in Broward County. The Boston-based investment manager bought a 300-unit luxury apartment community in Miramar for $82 million in 2017.