Landmark Cos. buys Coral Springs apartments for $40M
Deal equates $211,578 per unit
Landmark Cos. paid $40.2 million for Coral Falls Apartment Homes in Coral Springs, marking the investor’s second multifamily community in Broward County.
Keasbey, New Jersey-based Landmark, through an affiliate, bought the 190-unit complex at 2801 Northwest 91 Avenue. The seller is CF Partners Limited, an affiliate of Iron River Management, according to a deed. The deal equates $211,578 per unit.
Landmark assumed a $22 million mortgage on the property from Iron River, records show. The lender is U.S. Bank National Association, as trustee for Wells Fargo Commercial Mortgage Securities.
The garden-style apartments total 182,867 square feet on 18 acres, according to property records.
Iron River Management bought the complex in 1992 for $5.9 million, Broward County property records show. The apartments were built in 1987.
Landmark Companies, led by attorney Michael Gottlieb, engineer Eric Harvitt, and architect and planner Joel Schwartz, is a residential developer that also manages 3,500 apartments nationwide, according to its website. It also owns and runs retail in Somerset County, New Jersey.
In South Florida, Landmark bought Club at Crystal Lake apartments at 3800-3816 Crystal Lake Drive in Deerfield Beach in 2019 for $30 million.
Denver, Colorado-based Iron River Management, led by Jonathan Ringham, is a property management, acquisition, and finance and private equity investment firm, according to its website.
Several top-dollar multifamily deals closed this year in Broward County. San Antonio-based multifamily investor Lynd bought Lakes of Margate for $50.75 million; and Texas-based C-III Capital Partners bought Celebration Pointe apartments in Margate for $64 million.