FBE buys Lauderhill apartment complex for $95M

UPDATE, July 3, 12:30 p.m.: FBE Limited bought a Lauderhill apartment complex for $94.6 million.

Records show 4200 Cypress Owner, tied to New York-based FBE, bought the complex at 4200 Northwest 19th Street from an affiliate of Code Capital Partners, also based in New York. The buyer took out an $80.4 million loan from MF1 Capital to finance the purchase.

Daniel Parker of Hodges Ward Elliott brokered the sale.

Yosef Leizerson, head of acquisitions at FBE, led the purchase and financing for the deal.

The 814-unit complex was built in the early 1970s on 24.3 acres and totals 692,139 square feet, according to property records. The sale equates to $116,216 per unit.

Code Capital Partners, a private equity firm led by Jared Remington, bought the property in January 2020 for $44.6 million, records show.

Code Capital owns and operates more than 50 multifamily properties totaling over 9,000 units across 15 markets in the U.S., according to its website.

FBE, led by Abraham Fruchthandler and managed by Yehoshua Leib Fruchthandler, has been investing in New York. It bought five properties in South Brooklyn for $58 million in 2020, less than a year after landing a $63 million acquisition loan to buy the properties at 2001-2045 Story Avenue in the Castle Hill neighborhood.

The Lauderhill deal comes amid a hot South Florida multifamily market. Most recently, Crow Holdings bought the Alta Congress complex in Delray Beach for $111.75 million, and KPC Properties bought the Axis at One Pine in Plantation for $46 million.