Canadian investment group pays $103M for Lauderdale Lakes apartments

Buyer owns portfolio of over 5K units in the US and Canada

Nov.November 20, 2019 05:10 PM
3700 Pacific Point Place and Yaakov Frankforter (Credit: LinkedIn)

3700 Pacific Point Place and Yaakov Frankforter (Credit: LinkedIn)

Atlantic | Pacific Companies and Rockpoint Group sold an apartment complex in Lauderdale Lakes for $102.9 million to a Canadian investment group.

Atlantic Cypress Creek LLC sold the 420-unit development at 3700 Pacific Point Place for $245,000 per unit to Frankforter Group of Montreal. The Broward apartment community sits on 23 acres of land fronting a lake.

Chris Conklin of Walker & Dunlop represented the seller. FM Capital’s Daniel Kaweblum arranged $74 million in senior debt with an undisclosed national balance sheet lender, according to a release. The non-recourse loan has a rate below 3.8 percent and has four years of interest- only term.

Frankforter Group owns more than 5,000 units in Canada and in the United States, according to its website. It recently acquired The Livingston Apartments, a 448-unit multifamily complex in Tampa.

The Lauderdale Lakes property last sold in 2015 for $12.33 million.

The developers completed the project in 2017. It features a dog park, fitness center, swimming pool with cabanas and a spa, club and game rooms, a theater and a lighted tennis court. Units include gourmet kitchens, washer and dryers and private patios or balconies.

Records show Atlantic Cypress Creek LLC financed construction with a $53.9 million loan from Wells Fargo in 2016.

Atlantic | Pacific, based in Bay Harbor Islands, is an owner, developer, investor and manager of multifamily real estate in Florida, Georgia, Texas and California. Atlantic | Pacific Communities recently closed on a $26.64 million loan from Bank of America for Sailboat Bend II, an affordable housing development in Fort Lauderdale.

Earlier this year, Atlantic | Pacific Real Estate Group and Blue Arch Advisors closed a $140 million portion of a fund that invests in multifamily properties in the Southeast and Southwest U.S. That fund is looking to raise a total of $300 million, which will give it buying power of over $750 million.

Last year, a joint venture between Atlantic | Pacific Companies and Rockpoint Group sold the Atlantic Delray Apartments to Grant Cardone’s Cardone Capital for about $90 million.

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