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American Landmark pays $61M for North Lauderdale rental community
Glen at Cypress Creek sold for nearly double previous sales price in 2016
American Landmark Apartments bought a North Lauderdale rental complex for $60.5 million.
The Tampa-based multifamily operator paid nearly double the previous sales price for the 214-unit Glen at Cypress Creek at 1949 Cove Lake Road, records show. The buyer also assumed a $27.4 million mortgage with Berkeley Point Capital, and increased the loan amount by $5.3 million.
In 2016, the seller, affiliates of Palm Beach Gardens-based Priderock Capital Management, paid $36.5 million for the garden-style community completed in 1997.
For its latest acquisition, American Landmark paid $282,700 per apartment, an indicator that multifamily investors are still paying top dollar for rental properties in South Florida, where record demand has been met with record rent growth over the past two years.
Recently, Indianapolis-based multifamily real estate investment firm Birge & Held paid $55.1 million, or $315,000 per apartment, for a 175-unit apartment complex in Country Club, an incorporated neighborhood in Miami-Dade County. Also this month, AvalonBay Communities acquired two Miramar apartment complexes with a combined total of 650 units for $295 million.
The Fort Lauderdale market experienced a 16.2 percent jump in rent growth year-over-year, fourth highest in the nation behind Orlando, Miami and Palm Beach, according to a CoStar second quarter report.
Glen at Cypress Creek features a mix of one-, two- and three-bedroom apartments ranging from 760 square feet to 1,238 square feet, according to Apartments.com. The website only lists the price for a two-bedroom unit at $2,075 a month.
Founded 25 years ago by CEO Joe Lubeck, American Landmark has owned and sold more than 150,000 rental units, according to the firm’s website. The company currently owns more than 32,000 units.
In December, American Landmark sold the 240-unit Beach Walk at Sheridan apartment complex in Dania Beach for $78.7 million. In April of last year, American Landmark bought a 223-unit garden-style rental community in Plantation for $58 million.