Canadian investment firm buys Tamarac apartments for $47M

291-unit complex sold for $162K per apartment

Oct.October 28, 2019 12:30 PM
Spectra at Tamarac at 8650 Northwest 61st Street and Mark Zolty

Spectra at Tamarac at 8650 Northwest 61st Street and Mark Zolty

UPDATED, Oct. 29, 10:17 a.m.: Prism Multifamily Group paid $47 million for an apartment complex in Tamarac.

Property records show TEG JAT Owner LLC, led by Yshia David Willner, sold the 291-unit Spectra at Tamarac for $162,000 per apartment. Prism Tamarac LP, tied to the Toronto-based multifamily investment firm, is the buyer.

Jaret Turkell, Roberto Pesant and Yoav Yucjtman of Berkadia brokered the deal. Tal Frydman, formerly of Berkadia was also involved in the sale.

Spectra at Tamarac, at 8650 Northwest 61st Street, spans 256,572 square feet and was completed in 1987 on a nearly 18-acre site. The majority of the units sold in a bulk fractured condo deal in 2016 for $22 million, according to the South Florida Business Journal.

Rents range from $1,143 a month to nearly $1,900 a month, according to listings online.

Prism Multifamily, led by Mark Zolty, has apartment communities in Las Vegas and Palm Springs, California. The company financed the Tamarac acquisition with a $5.4 million loan from New York Community Bank.

Multifamily investors are increasingly looking to park their cash in South Florida’s suburbs. Investors from New York and California, driven in part by new rent control legislation in both states, are among the latest wave of multifamily buyers.

Earlier this month, Lloyd Jones bought a 206-unit apartment complex in Pembroke Pines for $55.6 million, or about $270,000 per apartment.

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