Trending
KPC Properties buys Plantation apartment complex for $46M
Property last traded in 2015 for $32M
KPC Properties bought a Plantation apartment complex for $46 million.
The Fort Lauderdale-based group bought Axis at One Pine at 1 South Pine Island Road from Pensam Capital, according to Tal Frydman, one of the brokers on the deal.
Frydman worked with Avery Klann, both of Newmark, to close the sale.
The five-story complex totals 209 units and more than 228,275 square feet, according to a Newmark news release. The deal equates to $220,096 per unit.
Axis at One Pine was built in 1980 on 9 acres, property records show. Miami-based Pensam Capital, through an affiliate, bought the complex in 2015 for $31.5 million.
Amenities at Axis at One Pine include a 24-hour gym with an outdoor yoga deck, a poolside clubhouse and cabana lounge, laundry facilities, and a picnic area with barbecue grill, according to the release. The apartments recently underwent interior renovations.
The property is 95 percent leased, Frydman said.
KPC Properties is managed by real estate investor Krishna Persaud. Another group he also manages bought the Golf Villas at Sabal Palm residential complex in Tamarac for $16.3 million in 2015. Records show Persaud’s group still owns the complex.
The Axis at One Pine deal comes amid a flurry of multifamily investments in South Florida. In the first half of this year sales volume spiked more than 143 percent from last year, Newmark’s Hampton Beebe said in the release.
In another recent Broward County deal, James and Marta Batmasian’s Investments Limited bought a Deerfield Beach apartment complex at 1100 South Military Trail for $46 million.
Investment appetite has been particularly healthy in the Southeast and Southwest U.S. Volume in those regions accounted for 54.7 percent of overall multifamily investment during the past 12 months compared with 49.5 percent during the previous 12 months, according to Newmark research cited in the release.