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.