Abacus Capital pays $124M for Miramar apartments

Seller acquired the apartments in 2015 as part of a $120M deal

Miami /
Dec.December 14, 2020 06:00 PM
Abacus Capital Group's Ben Friedman (LinkedIn, Google Maps)

Abacus Capital Group’s Ben Friedman (LinkedIn, Google Maps)

 

A New York-based multifamily real estate investment firm paid $124 million for apartment complexes near Miramar’s town center.

Abacus Capital Group bought the 67-unit complex at 11571 Canal Street and the 117-unit complex at 11750 Canal Street, according to records.

At a total of 184 units, the deal breaks down to about $674,000 a unit. Abacus paid $81.3 million for the larger complex and $42.7 million for the smaller complex. Both apartment projects were built in 2014.

A company tied to New York-based Global Securitization Services, or GSS, sold the complexes. Founded in 1996, GSS helps special purpose entities with ownership and administration in structured finance transactions. Its clients include banks, insurance companies, investment funds, private equity funds and industrial corporations. The firm is led by Kevin Burns.

The seller bought the apartment complexes in 2015 as part of a $120 million deal. The purchase covered Mill Creek’s entire 487-unit Modera Town Center within the 54-acre master planned Miramar Town Center.
GSS still owns 303 units.

Last year, a GSS entity paid $84 million for a FedEx distribution center near Chicago, and $20.8 million for a townhome community near Florida Atlantic University’s Boca Raton campus.

In 2017, Abacus, led by Ben Friedman, bought the Sherwood Forest at Coral Springs apartment complex for $68.2 million. The company also sold an apartment complex in Coconut Creek for $45.3 million. In 2018, it bought an apartment complex in Los Angeles County for $33.9 million.





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