Copperline sells Coral Springs apartments for $75 million

The property sold for $242K per unit

Miami /
Jun.June 26, 2020 10:30 AM
790 Harbor Inn Coral Springs

790 Harbor Inn Coral Springs

 

UPDATED, July 9, 10:15 a.m.: Copperline Partners sold an apartment complex in Coral Springs for $75 million, a steep increase from its 2016 purchase price.

West Palm Beach-based Copperline Partners sold the 310-unit apartment complex at 790 Harbor Inn for $241,945 per unit, records show. Kingston, Ontario-based CareCo Group purchased the apartments.

The complex, known as Innovo Living on the Atlantic, sits on 17.1 acres, records show. The apartments were built in 1987.

New York Community Bank provided CaraCo Group with a seven-year $51.3 million loan to acquire the property, records show. Meridian Capital Group’s Noam Kaminetzky and Jason Grimm arranged the loan on behalf of CaraCo Group.

The apartments last sold for $48 million in October 2016. The company planned renovations and raised $19 million on the Tel Aviv Stock Exchange to help finance the purchase.

Copperline Partners, led by Robert Schlesinger and Jason Schlesinger, focuses on multifamily and hospitality properties, according to its website.

In November, Copperline Partners paid $35 million for 69 of the 97 units at the Ambassador Hotel Cooperative Apartments at 2730 South Ocean Boulevard in Palm Beach.

CaraCo Group of Companies was founded in 1959 by Ann and Cornell “Case” Blommestyn. It’s a diversified real estate company that manages apartment buildings and constructs new homes. The company’s U.S. branch is in Deerfield Beach.

 

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