Landmark Cos. buys Coral Springs apartments for $40M

Deal equates $211,578 per unit

Miami /
Apr.April 13, 2021 04:30 PM
Coral Falls at 2801 Northwest 91 Avenue with Landmark Companies principals Michael Gottlieb, Eric Harvitt, and Joel Schwartz (Google Maps)

Coral Falls at 2801 Northwest 91 Avenue with Landmark Companies principals Michael Gottlieb, Eric Harvitt, and Joel Schwartz (Google Maps)

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.





    Related Articles

    arrow_forward_ios
     Clearline Real Estate's Jenny Bernell with Block E at 1550 (Smith Aerials)
    Ex-Kushner exec Jenny Bernell picks up A&E District development site in Miami for $20M
    Ex-Kushner exec Jenny Bernell picks up A&E District development site in Miami for $20M
    Dacar Management's Alberto Micha-Buzali with Residences and Shoppes (LinkedIn, Dacar Management)
    Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
    Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
    David Barry, principal, Ironstate Development along with a rendering of the proposed eight-story building between Northeast 26th and 27th Streets in Wynwood (Ironstate, 5G Studio Collaborative)
    Developer proposes Urby-branded apartments on former Art by God site in Wynwood
    Developer proposes Urby-branded apartments on former Art by God site in Wynwood
    Alterra Property Group's Leo Addimando and 1645 Northwest 33rd Street in Pompano Beach (Google Maps, Alterra Property Group)
    Philly firm pays $14M for Pompano Beach warehouse
    Philly firm pays $14M for Pompano Beach warehouse
    Trippie Redd with 5600 Southwest 136th Avenue (Getty, iStock, Richard Lopez of Lopez Productions, Illustration by Shea Monahan for the Real Deal)
    Rapper Trippie Redd buys Southwest Ranches estate
    Rapper Trippie Redd buys Southwest Ranches estate
    the Church of God Evangelical at 12830 Northeast Sixth Avenue in North Miami with Daniel Jaramillo and Tomas Sinisterra of Strategic Properties based in Miami (Google Maps, LinkedIn)
    Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
    Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
    renderings of the proposed three-tower development on the site of an existing Hyatt and the James L. Knight Center on the Miami River at 400 Southeast Second Avenue, Miami (Arquitectonica, Gencom, LinkedIn)
    Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
    Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
    Gilbert Benhamou, Charlie Kushner, Laurent Morali and Nicole Kushner Meyer with 19199 Northwest 27th Avenue (LinkedIn, Kushner, Morali via Sasha Maslov, Google Maps)
    Kushner to co-develop multifamily project south of Hard Rock Stadium
    Kushner to co-develop multifamily project south of Hard Rock Stadium
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...