Greystar sells North Lauderdale apartment complex for $46M

Avana Cypress Creek Apartments sold for nearly $209K per unit

TRD MIAMI /
May.May 13, 2019 09:45 AM
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.


Related Articles

arrow_forward_ios
Renderings of Midtown Miami (Credit: AMLI)

AMLI launches leasing of massive Midtown Miami project during pandemic

Jorge Perez and Masoud Shojaee with  the Flats Apartments at CityPlace Doral (Credit: Google Maps)

Related, Shoma, PGIM sell Doral apartments for $100M amid coronavirus pandemic

Arthur Porosoff, Stefano Garofoli, Costantino Cicchelli and Frank Rodriguez Melo with the Omni property

Investment group buys multifamily buildings in Little Havana, Omni

Joseph P. Thomas, Adam Duncan and Tyler Carbonelli with the Fort Lauderdale properties

California investors buy multifamily portfolio in Fort Lauderdale

Rendering of the project

Time Equities plans apartments, retail on former office site in West Palm

Shorecrest Club Apartments

CBRE fund pays $132M for Shorecrest Club Apartments in Miami

Arnaud Karsenti, Michael Adler and the Link at Douglas

Douglas Station project scores $99M loan for second tower

Rendering of Soleste Twenty2 and Robert Suris

Estate Companies completes 338-unit West Miami project

arrow_forward_ios
Loading...