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

The apartments sold for $55K per unit

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.

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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.