Canadian investment group pays $103M for Lauderdale Lakes apartments

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

Miami /
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.


Related Articles

arrow_forward_ios
12350 Biscayne Boulevard and buyer Yoram Izhak (Google Maps)
Johnson & Wales sells more North Miami properties for $21M
Johnson & Wales sells more North Miami properties for $21M
The Buena Vista Gardens in Little Haiti (Apartments.com)
Bowery Properties buys Little Haiti apartment portfolio for $12M
Bowery Properties buys Little Haiti apartment portfolio for $12M
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
Walton Street Capital buys Boynton Beach apartments for $93M
Walton Street Capital buys Boynton Beach apartments for $93M
Avery Pompano Beach apartments with Yaakov Frankforter of Frankforter Group (LinkedIn via Frankforter, Avery Pompano Beach)
Frankforter Group buys Pompano Beach apartments for $43M
Frankforter Group buys Pompano Beach apartments for $43M
The Johnson and Wales campus and PMG principals Kevin Maloney and Ryan Shear (PMG)
PMG pays nearly $60M for Johnson & Wales North Miami campus
PMG pays nearly $60M for Johnson & Wales North Miami campus
Louis Puig and 333 Jefferson Avenue in South-of-Fifth (Google Maps)
Former Club Space owner buys South Beach apartments for short-term rentals
Former Club Space owner buys South Beach apartments for short-term rentals
Westdale president and CEO Joe Beard and Jeff Ardizon and Robert Suris of The Estate Companies with Soleste Bay Village (Estate, Soleste Bay Village)
Estate Companies sells Palmetto Bay apartment complex for $58M
Estate Companies sells Palmetto Bay apartment complex for $58M
The Devon Apartments in North Beach (Google Maps)
North Beach apartment building deemed unsafe, ordered evacuated
North Beach apartment building deemed unsafe, ordered evacuated
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...