Code Capital snags affordable housing complex in Lauderhill for $45M

The apartments sold for $55K per unit

Miami /
Feb.February 03, 2020 02:30 PM
4200 Northwest 19th Street and Code Capital Managing Partner Jared Remington (Credit: Google Maps and LinkedIn)

4200 Northwest 19th Street and Code Capital Managing Partner Jared Remington (Credit: Google Maps and LinkedIn)

Code Capital Partners bought an affordable apartment complex in Lauderhill for $44.6 million.

The New York-based private equity firm purchased the 814-unit Cypress Grove-Lauderhill apartments at 4200 Northwest 19th Street for $54,791 per unit. Reliance Sadalgrove LLC, which is tied to the Housing Preservation Trust of Marietta, Georgia, sold the property.

The property was last purchased for $33.4 million in 2004, records show. It was built in 1971. The complex totals 692,138 square feet.

Code secured a $39 million loan from Keybank to acquire the property.

Code, led by Jared Remington, owns and operates more than 50 multifamily properties with 10,000 units in 15 markets, according to its website.

Housing affordability is a serious issue facing South Florida. The Greater Miami area ranks as the seventh least-affordable large metro in the world, trailing only Hong Kong, Sydney, Los Angeles, London and its suburbs, and New York City, according to a Florida International University report from 2019. The Greater Miami area has the highest proportion of cost-burdened renters in the nation by a significant margin, according to the report.

The deal comes as more investors are buying multifamily properties in Broward suburbs like Lauderhill. Last year, Bar Invest Group paid $59 million for a 405-unit apartment complex at 2360 Northwest 56th Avenue in Lauderhill. In late 2018, Residential Management NY, a Brooklyn-based real estate firm, paid $42.6 million for an apartment complex in Lauderhill.


Related Articles

arrow_forward_ios
Vivian Dimond with the rendering of the Le Parc at Lauderhill development (Vivian Dimond, iStock)
Lauderhill fattens tax break for Le Parc, Vivian Dimond’s planned 330-unit multifamily development
Lauderhill fattens tax break for Le Parc, Vivian Dimond’s planned 330-unit multifamily development
Lee Associates' Matthew Jacocks along with a rendering of the 441 Arthouse project (Lee Associates, iStock)
Developers plan Lauderhill mixed-use, multifamily development with 245 units
Developers plan Lauderhill mixed-use, multifamily development with 245 units
Circle One Condominium  (CoStar)
Miami firm buys 154 Lauderhill condos in bulk $17M deal, plans revamp
Miami firm buys 154 Lauderhill condos in bulk $17M deal, plans revamp
 Serramar Apartments at 6701-6950 Landings Drive in Lauderhill, FL. (Realtor.com)
Clarion Partners buys Lauderhill apartments for $72M
Clarion Partners buys Lauderhill apartments for $72M
Treevita Capital’s chief executive director Hugo Cascavita and the Victoria at Lauderhill apartment complex at 2011-2051 Northwest 43rd Terrace in Lauderhill (Apartments.com, LinkedIn)
North Miami Beach investor acquires Lauderhill apartments for $13M
North Miami Beach investor acquires Lauderhill apartments for $13M
From top to bottom: Bascom Co-Founders and Principals Derek Chen, David Kim and Jerry Fink with the apartment complex (Bascom)
Bascom, Leste buy Lauderhill apartments for $79M
Bascom, Leste buy Lauderhill apartments for $79M
(Cypress Grove Apartment Homes)
FBE buys Lauderhill apartment complex for $95M
FBE buys Lauderhill apartment complex for $95M
Aerial of Edgewater property with Spider's Andres Goldenberg and Alejandro Eskenazi (Apex Capital Realty)
Spider nixes plans for Edgewater condo project, disposes of dev site for $7M
Spider nixes plans for Edgewater condo project, disposes of dev site for $7M
arrow_forward_ios

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

Loading...