R.O.I. Capital buys Oakland Park multifamily complex for $59M
Buyer plans to renovate 296-unit community
R.O.I. Capital Group made its first venture into the South Florida multifamily market, buying a 296-unit Oakland Park complex for $58.5 million.
Israel-based real estate investor R.O.I. Capital bought Green Tree Apartments at 5201 North Dixie Highway from Northland Investments, according to a press release. The deal equates to $197,635 per unit.
R.O.I. secured $47 million in acquisition financing from Westbury, New York-based commercial real estate lender ACRES, according to the release. It is a three-year bridge loan with two one-year renewal options.
Jaret Turkell and others from Berkadia marketed the property, and Brad Williamson was part of the Berkadia group that arranged the financing.
Newton, Massachusetts-based Northland Investments, founded and led by Lawrence Gottesdiener, paid $12.6 million in 1994 for Green Tree, adding the complex to its 8,671-unit Florida portfolio, according to the release.
R.O.I. Capital, founded and led by Noam Avrahami, Shay Atiya and Shay Milch, has multiple investments in Florida. Among them is a portfolio of 207 single-family homes in and near Fort Lauderdale that it acquired after the 2008 real estate crisis, according to its website. It renovated the homes and now rents them out.
R.O.I. has a total of $232 million in assets under management, focused on the United Kingdom, Texas and the Sunshine State. It plans to add value to Green Tree Apartments by renovating units.
Property records show the complex was built in 1974 on 10.2 acres. Green Tree has one- and two-bedroom units, averaging 825 square feet. Amenities include two swimming pools, a gym, and laundry rooms, according to the release.
The South Florida multifamily market is experiencing an active season, especially in Broward County where several apartment communities sold in March and April. Most recently, Nuveen, an asset manager and subsidiary of New York-based financial services provider TIAA, bought the 192-unit Waterview in Coconut Creek for $46.5 million.
Also this month, Landmark bought the 190-unit Coral Falls Apartment Homes in Coral Springs for $40.2 million. In March, San Antonio-based multifamily investor Lynd bought the 280-unit Lakes of Margate for $50.75 million.