Plantation apartment complexes sell for $57M
Seller bought the apartments for combined $22M in 1994 and 2014
A pair of Plantation apartment complexes with a combined 345 units sold for a total of $57 million, or $28.5 million each.
A company with ties to real estate investment firm NorthEnd Equities and real estate investors Mordechai Schapira and Labe Twerski bought the apartments. One of the complexes is the Del Oro at 7001 to 7081 Northwest 16th Street. The other is Plantation Meadows at 7201 to 7321 Northwest 16th Street. Both complexes were built in the 1970s, according to records.
NorthEnd Equities is based in Brooklyn and led by Charles Herzka.
The seller of both complexes is a company connected to Northland Investment Corp. of Newton, Massachusetts, according to records. Northland is led by CEO Lawrence Gottesdiener.
Tyler Minix, Hampton Beebe, Avery Klann and Tal Frydman of Newmark represented the seller in the Del Oro deal.
The 175-unit, four-story Del Oro sold for about $163,000 a unit. Rents range from $1,125 for a one-bedroom unit to $1,780 for a two-bedroom, according to an online listing. The apartment complex also offers three-bedroom units.
The 170-unit, two-story Plantation Meadows sold for about $168,000 a unit.
Northland had paid a total of $21.6 million for the properties — $6.7 million in 1994 for Del Oro and $14.9 million in 2014 for Plantation Meadows.
In 2017, Northland bought two sister rental communities in Jupiter for $56 million.
In 2018, Schapira and Twerski paid $42.6 million for an apartment complex in Lauderhill.
Earlier this year, NorthEnd sold a 40,802-square-foot mixed use building in Borough Park in New York for $24.3 million. In 2019, NorthEnd sold a vacant parcel of land in New York at 37-29 31st Street for $13.3 million.