Snow Real Estate buys Sunrise apartments for $15M
Buyer took out $13M loan to finance the purchase
Snow Real Estate bought the Golfview Flats apartment complex in Sunrise for $15 million.
Hollywood-based Snow Real Estate, through an affiliate, bought the property at 8445 Springtree Drive from Ortsac Capital Group, based in Fort Lauderdale, according to a news release.
Snow Real Estate took out a $12.8 million loan to finance the purchase from New York City-based Greystone, records show.
Deme Mekras of MSP Group closed the deal, and Aaron Kurlansky and Daniel Kaweblum of FM Capital arranged the financing.
The deal for the 72-unit complex breaks down to $208,333 per unit.
The two-building Golfview Flats was constructed in 1976 on 3.2 acres, according to property records. Ortsac Capital Group, founded by Bobby and Sofia Castro, bought the multifamily complex for $12.1 million in 2018.
Snow Real Estate, founded by Principal Adam Snow, is a multifamily manager and buyer, focusing on Broward County neighborhoods, according to its website. It adds value to its real estate by investing in improvements.
The Golfview Flats purchase fits Snow Real Estate’s strategy. The property is just west of a proposed 127-acre Amazon fulfillment center that would bring more than 1,000 jobs, according to the release. Also, Snow Real Estate plans to renovate units and finish the ongoing facelift of the clubhouse, resort-style pool area, glass-enclosed gym and leasing office, investing roughly $1 million, Mekras said.
The deal comes amid a robust multifamily investment sales market in South Florida created by healthy tenant demand, Mekras said. Class B and C apartments are especially coveted as they are more affordable.
“Affordability has been and will continue to be a top-of-mind thing for all renters,” Mekras said. “I think wage growth has lagged behind rent growth, so it is acutely important.”
Among Broward multifamily deals that closed in June, KPC Properties bought a Plantation complex, and James and Marta Batmasian’s Investments Limited bought a Deerfield Beach community. Each deal was for $46 million.