Lauderdale Lakes affordable housing complex fetches $17M

Cornerstone Group bought the land in 2001, built the St. Croix Apartments in 2004

Miami /
Sep.September 02, 2020 01:30 PM
4075 to 4201 Northwest 34th Street, Lauderdale Lakes and Peak Capital’s CEO Chris Manning (Credit: Google Maps)

4075 to 4201 Northwest 34th Street, Lauderdale Lakes and Peak Capital’s CEO Chris Manning (Credit: Google Maps)

Affordable housing developer the Cornerstone Group sold a 246-unit Lauderdale Lakes apartment complex for $16.9 million.

Peak Capital Partners, a Provo, Utah-based affordable housing owner and manager, bought the St. Croix Apartments complex at 4075 to 4201 Northwest 34th Street, according to records. The price comes out to $68,699 a unit.

Hollywood-based Cornerstone bought the land in 2001 for $1.8 million, according to records. The apartments were built in 2004.

St. Croix has one- to three-bedroom apartments. It has a fitness center, swimming pool and community business center. Units range from 700 square feet to 1,208 square feet, with monthly rents from $986 to $1,357, according to an online listing.

Peak Capital and its affiliates own properties in more than 25 markets in the U.S., according to the firm’s website. It was founded in 2006 by Jeff Burningham, Jeff Danley and Jamie Dunn.

In May 2019, Peak Capital bought a south suburban multifamily complex in Chicago, its first acquisition in the market, for $11.2 million.

Cornerstone manages about 15,000 apartment homes throughout the state, according to its website. It was founded in 1993 by Stuart Meyers, now of the Meyers Group, and Jorge Lopez.
It is one of three real estate businesses founded by Stuart Meyers: the Related Companies Florida Low Income Tax Credit Housing Development Group in the 1980s, the Cornerstone Group in the 1990s and the Meyers Group in 2015, according to his website.

In 2017, Cornerstone raised $71.5 million on the Tel Aviv Stock Exchange.

In 2015, it sold an apartment complex in western Miami-Dade for $17.1 million.

A West Palm Beach affordable housing complex recently sold for $38 million to a member of Seagram’s Bronfman family.


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