Wilton Manors mixed-use multifamily complex sells for $11M

Apartments were built in 1966

Miami /
Feb.February 10, 2021 02:30 PM
2625 - 2674 North Andrews Avenue, Wilton Manors (Franklin Street, iStock)

2625 – 2674 North Andrews Avenue, Wilton Manors (Franklin Street, iStock)

UPDATED, Feb. 12, 11:30 a.m.: A private investor partnered with Boca Raton-based real estate firm Six Four Asset Management to acquire a mixed-use multifamily complex in Wilton Manors for $11 million.

Records show Tamuz-Camelot 2625 LLC sold Camelot West Apartments at 2625-2674 North Andrews Avenue to Wilton Pointe Apartments LLC. The complex includes 66 multifamily units and seven commercial units. The price equates to $150,685 per unit.

The buyer is led by Vinod Kulhari, owner of First Global Financial, according to his LinkedIn page. Kulhari partnered with Six Four Asset Management on the deal.

Wilton Pointe Apartments took out a $7.2 million loan from Orix Real Estate Capital to finance the purchase, according to records.

The seller is managed by Ronen Dagan, owner and president of South Florida-based Tamuz Investments.

Dagan, along with two other LLCs under his name, bought Camelot West Apartments in 2015 for $6 million. Dagan transferred the title solely to Tamuz-Camelot 2625 LLC in 2018. The apartments were built in 1966.

Dan Dratch, Ryan Wold, Greg Matus, and Travis Jones of Franklin Street represented the seller. Doug Shavel of Signature Commercial Real Estate represented Six Four.

The seller had renovated 86 percent of the apartments with new tile floors, kitchen cabinets, granite countertops and bathroom vanities since 2015, according to a press release. Ninety-six percent of the units were occupied at the time of the sale.

Units at Camelot West Apartments range in size from 700-square-foot, one-bedroom, one-bathroom apartments to 1,000-square-foot, three-bedroom units with two bathrooms. Amenities include a pool, laundry facility and a leasing office, according to the release.

In November, an investment firm bought a portfolio of six multifamily properties, including two Wilton Manors properties, for $13.1 million.

Other multifamily deals nearby in Fort Lauderdale include California investors paying $13.1 million for a portfolio in Victoria Park and Las Olas, and AMLI Residential selling a rental complex in Flagler Village for $67.5 million.





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