KVR Properties bulked up its South Florida multifamily portfolio with the $26.3 million purchase of a 124-unit apartment complex in Pompano Beach.
An entity managed by Arvind Reddy, founder and president of Coral Springs-based KVR, bought The Boardwalk Apartments at 460 East McNab Road, records show. New York-based The Bancorp provided the buyer with a $21 million mortgage. The deal breaks down to $212,096 per apartment.
Seller The Daniel Group, managed by Yeshak, David, Tal and Daniel Daniel of Miami Gardens, paid $6.3 million for the complex in 2004. The three garden-style apartment buildings were completed between 1969 and 1971, records show.
The Boardwalk Apartments has a mix of one-bedroom and two-bedroom units of between 655 square feet and 900 square feet, according to Apartments.com. The complex has an on-site property manager, pool, picnic area and laundry facilities, the listing states. Rental prices are not available.
Formed in 2015, KVR owns more than $200 million in multifamily assets mostly focused in the tri-county region, according to the firm’s website. KVR owns five other rental projects with a total of 920 apartments in Miami, Coral Springs and Pompano Beach.
In the most recent quarter, Broward’s multifamily sale volume slowed, even as landlords raised rents another notch, according to a report by the National Association of Realtors.
The Fort Lauderdale-Pompano Beach-Deerfield Beach multifamily market experienced $828 million in acquisitions in the first quarter, compared to $2.1 billion during the fourth quarter of last year, the report shows. Quarter-to-quarter, the average price per unit tumbled to $305,132 per unit from $328,206 per unit.
The vacancy rate inched up slightly to 3.6 percent in the most recent quarter, compared to 3.2 percent in the fourth quarter of last year, the report shows. Monthly asking rents rose to $1,182 from $1,102.
In another recent Pompano Beach multifamily deal, an affiliate of Quebec City, Quebec-based Camaco paid $9.3 million for a 23-unit waterfront apartment building. The new owner plans to redevelop the property into a boutique condominium.
In February, Garden City, New York-based The Benjamin Companies bought Morea Apartments, a newly built 327-unit rental complex in Pompano Beach, for $145.5 million.