Legacy Residential pays $17M for Hollywood apartments

Legacy Residential Group expanded its Hollywood multifamily holdings with a $17.4 million acquisition of an 88-unit apartment complex.

An entity managed by Legacy founder and CEO Tom Cabrerizo acquired Stirling Village at 4150 Davie Road Extension, records show. The Miami-based firm paid $198,000 per unit, and assumed a $10.7 million loan from Bank of New York Mellon.

The seller, Triangle Professional Building Corp. III, paid $1.6 million for the land in 2015 and completed the 88,893-square-foot complex in 2016, records show.

Legacy has renamed the property Legacy at Hollywood, the firm’s website shows. The complex, which has one- and two-bedroom apartments for rent, is Legacy’s second purchase in Hollywood. In May, the firm paid $5.8 million for a 50-unit apartment complex at 1720 Cleveland Street, records show.

Founded in 1998 under its previous name CFH Group, Legacy owns more than 6,000 units and has another 2,500 apartments in development, the company’s website states. Legacy owns 36 apartment buildings and rental communities in Miami-Dade and Broward counties.

In 2020, Legacy paid $16.9 million for a 100-unit apartment complex in Kendall. Two years earlier, the firm bought two apartment buildings with a total of 88 units near Miami’s Brickell neighborhood for $12.8 million.

Multifamily investors in South Florida have been active this month. Recently, an investment group led by New York-based Park Row Equity Partners and Phoenix Realty Group paid $69.5 million for Park Colony Apartments, a 316-unit garden-style community in Hollywood.

In another deal, Park Colony’s seller, Tampa-based American Landmark Apartments, bought the 214-unit Glen at Cypress Creek in North Lauderdale for $60.5 million. In unincorporated Miami-Dade County, Indianapolis-based Birge & Held paid $55.1 million for The Lakeridge at the Moors, a 175-unit apartment complex.

Construction financing for new multifamily projects is also heating up. This month, Trinsic Residential Group scored a $99 million loan to build a 373-unit apartment complex in North Miami Beach, and The Estate Companies landed $93.2 million in financing from Synovus Bank for a seven-building apartment complex in Lauderhill.