UPDATED, 10:10 a.m., Oct. 5: The Fruchtlander family is continuing its march into South Florida.
FBE Limited, the family’s office, purchased The Club at Emerald Waters, a 300-unit, six-building complex spread across 4.9 acres in Hollywood, Florida. FBE paid $31.9 million for the property, according to the Commercial Observer.
The rents charged at the complex range from $1,249 to $2,136 per month, according to Apartments.com.
The complex last changed hands in 2014. Miami-based Monument Real Estate Services purchased the property at the time for $31.5 million, slightly less than its recent sale price.
The Commercial Observer reports Arbor Realty SR provided $62.7 million in financing to FBE for the rental purchase in a loan that’s set to mature in three years.
Westwood Realty Associates’ Steven Vegh brokered the deal.
The Fruchtlander family has typically based its real estate efforts in New York City, particularly in Brooklyn. However in recent months, FBE, which is led by Abraham Fruchthandler and managed by Yehoshua Leib Fruchthandler, has shown an appetite for properties in South Florida.
Three months ago, an affiliate tied to FBE purchased a Lauderhill apartment complex from an affiliate of New York-based Code Capital Partners for $94.6 million. The FBE affiliate took out an $80.4 million loan from MF1 Capital to fund the purchase.
Previously, Abraham Fruchtlander’s company purchased five properties on the South Brooklyn waterfront in Gravesend for $57.5 million in January 2020. Signature Bank provided about $32.8 million in financing for the deal.
The multifamily market in South Florida experience a surge in recent months. In August, a dozen of apartment buildings in Miami Beach were traded for $31 million. Kerem North Beach Apartments was the buyer in the portfolio deal, while New York investor Elliot Sohayegh was the seller.
[CO] — Holden Walter-Warner