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
    Rilea, Promanas buy Wynwood dev site, plan short-term rentals
    Rilea, Promanas buy Wynwood dev site, plan short-term rentals
    Rilea, Promanas buy Wynwood dev site, plan short-term rentals
    From left: Doug Andrews, Chairman, Avanti Residential; Masoud Shojaee, President & Chairman, SHOMA Group; Christian Garner, CEO, Avanti Residential; Sanctuary Apartment Complex at 9400 Northwest 41st Street, Doral, FL (Avanti Residential, ApartmentFinder, SHOMA Group)
    Masoud Shojaee’s Shoma sells Doral apartments for $103M
    Masoud Shojaee’s Shoma sells Doral apartments for $103M
    PMG flips former Johnson & Wales lots for $10M
    PMG flips former Johnson & Wales lots for $10M
    PMG flips former Johnson & Wales lots for $10M
    Record multifamily deal: Starwood buys Dadeland apartment towers
    Record multifamily deal: Starwood buys Dadeland apartment towers
    Record multifamily deal: Starwood buys Dadeland apartment towers
    Lissette Calderon and renderings of The Julia (Neology Life)
    Lissette Calderon scores $78M construction loan for second Allapattah multifamily project
    Lissette Calderon scores $78M construction loan for second Allapattah multifamily project
    AHS Residential’s Ernesto Lopes and AEW Capital Management CEO Jeff Furber (AHS, AEW, Grand Peaks)
    AEW buys multifamily near West Palm, in southern Miami-Dade from AHS for $123M
    AEW buys multifamily near West Palm, in southern Miami-Dade from AHS for $123M
    East End Capital’s David Peretz (left) and Jonathan Yormak, with 100 North Biscayne Boulevard in Miami
    Inside the East End Capital-Australian investor feud over Miami’s 100 Biscayne tower
    Inside the East End Capital-Australian investor feud over Miami’s 100 Biscayne tower
    Pompano Beach mixed-use project scores $45M construction loan
    Pompano Beach mixed-use project scores $45M construction loan
    Pompano Beach mixed-use project scores $45M construction loan
    arrow_forward_ios

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

    Loading...