Cortland buys Kendall apartment complex for $99M

Atlanta-based real estate investment firm paid $233K per apartment for Lago Paradiso at the Hammocks

Miami /
Oct.October 05, 2021 01:30 PM

Steven DeFrancis, CEO of Cortland; Lago Paradiso at the Hammocks (Google Maps, Cortland)

An Atlanta-based multifamily real estate investment firm is feasting on South Florida apartment complexes, spending nearly $500 million acquiring properties since the beginning of the year.

Two months after completing the tri-county region’s most expensive multifamily purchase of the year in Boca Raton, Cortland paid $98.9 million for Lago Paradiso at the Hammocks in southwest Miami-Dade, records show. Tampa-based American Landmark Apartments is the seller. Cortland, led by CEO Steven DeFrancis, assumed a $54.1 million mortgage from Fannie Mae.

The deal equates to roughly $233,254 per apartment for the 424-unit garden-style community at 15000 Southwest 104th Street in the Kendall neighborhood.

A JLL team led by Maurice Habif marketed the 17-acre property.

In August, Cortland bought The Uptown Boca, a new seven-building complex with 456 units in Boca Raton, for $230 million, marking the year’s priciest multifamily deal in South Florida.

Built in 1987, the Lago Paradiso complex consists of two-story buildings with one- and two-bedroom units ranging from 552 square feet to 945 square feet. Amenities include two pools, a 24-hour fitness center, a clubhouse with a WiFi cafe, a fire pit area, an outdoor kitchen with gas grills and a lakeside jogging and bike trail, according to a JLL press release.

An affiliate of American Landmark Apartments paid $60.8 million for the property in 2017, according to records.

Founded in 2005, Cortland owns roughly 200 apartment communities across the U.S. The firm has been bullish on South Florida, where a booming multifamily market has led to rising rents and lower vacancies amid a surge in investment sales in recent months.

South Florida average asking rents reached $1,735 in the second quarter, a $171 increase from the same period last year, according to a Lee & Associates report. The vacancy rate dropped from 6.7 percent to 4.3 percent, year over year.

Including the Lago Paradiso and The Uptown Boca deals, Cortland spent $486.6 million on four South Florida apartment complexes since January. The company acquired the 226-unit Indigo Station in Deerfield Beach for $66 million and the 336-unit Parc Station in Hollywood for $91.7 million.





    Related Articles

    arrow_forward_ios
    Treo Construction's Ricardo Halfen and 422 Golden Beach Drive
    Homebuilder sells waterfront Golden Beach spec house for $15M
    Homebuilder sells waterfront Golden Beach spec house for $15M
    Miami Skyline
    South Florida by the numbers: A look back at 2022
    South Florida by the numbers: A look back at 2022
    Arte Surfside at 8955 Collins Avenue
    Arte Surfside closing tops Miami-Dade weekly condo sales
    Arte Surfside closing tops Miami-Dade weekly condo sales
    Z Capital’s James Zenni Jr. with Carillon Miami Wellness Resort at 6801 Collins Avenue
    Carillon Miami Beach condo owners win suit over Z Capital’s “dictatorship”
    Carillon Miami Beach condo owners win suit over Z Capital’s “dictatorship”
    From left: Simon Property Group’s David Simon and Cohen Brothers Realty's Charles Cohen with the Dadeland Mall and the Design Center of the Americas (Getty, Scott Francis)From left: Simon Property Group’s David Simon and Cohen Brothers Realty's Charles Cohen with the Dadeland Mall and the Design Center of the Americas
    Lease roundup: Simon’s Dadeland Mall reaps leasing bonanza
    Lease roundup: Simon’s Dadeland Mall reaps leasing bonanza
    John Ruiz with 530 Arvida Parkway
    John Ruiz sells waterfront Gables Estates home for discounted $30M
    John Ruiz sells waterfront Gables Estates home for discounted $30M
    1800 West Indiantown Road in Jupiter, PGIM's Eric Adler with 12503-12681 Miramar Parkway in Miramar and Orion Real Estate Group's  Kevin Sanz with 13605-13619 South Dixie Highway in Pinecrest
    South Florida retail vacancies drop, rents rise in the fourth quarter
    South Florida retail vacancies drop, rents rise in the fourth quarter
    The Development site at 9163-9165 Collins Avenue in Surfside with Fort Partners' Nadim Ashi
    Fort Partners pays $42M for Surfside condo development site
    Fort Partners pays $42M for Surfside condo development site
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...