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Tavistock pays $22M for Fort Lauderdale apartments
Seller flipped 34-unit building for 47% markup in less than seven months
Corinthian Capital Real Estate Partners flipped a Fort Lauderdale apartment building for $21.9 million, a 46.6 percent markup from its purchase price less than seven months ago.
Tavistock Development Company bought the three-story Harbour Pointe building and adjacent six-slip boat dock at 2201 Southeast 18th Street, according to records and real estate database Vizzda.
The sale of the 34-unit building breaks down to nearly $643,000 per apartment. Jaclyn Bild and Marc Brandt of Douglas Elliman brokered the deal.
Harbour Pointe, completed in 1976, spans 1.6 acres, inclusive of the boat docks, records show.
Miami-based Corinthian Capital, in joint venture with New York-based Triangle Capital Group, had paid $14.9 million for the property last September, according to records and Vizzda.
Founded by principals Denis Barreto Jr. and Matt Miller in 2021, Corinthian Capital has invested in South Florida multifamily projects and bulk condominium deals, with a focus on aging buildings poised for renovation. The firm completed capital improvements at Harbour Pointe, Barreto said.
In 2021, Corinthian Capital paid $5.8 million for 39 condos at the 44-unit Eden House at 3601 Van Buren Street in Hollywood.
Across the street from Harbour Pointe, Corinthian Capital also owns the 16-unit apartment building at 1790 Southeast 23rd Avenue. It paid $5.5 million for the property in September. The firm doesn’t plan to sell it in the near future, Barreto said.
Triangle, a real estate investment firm, and Corinthian have partnered on other deals. Last year, the pair, along with Mavik Capital Management, paid $82 million for a three-property apartment portfolio in North Miami Beach, Coral Springs and Davie. Mavik Capital put the majority of capital in that deal.
Orlando-basedTavistock Development, which is part of British billionaire Joe Lewis’s Tavistock Group, already has a foothold in Fort Lauderdale. Near Harbour Pointe, the development firm is building the waterfront Pier Sixty-Six mixed-use project at 2300 and 2301 Southeast 17th Street. Pier Sixty-Six will include condos, a hotel and restaurants. Sales of condos at a pair of 11-story buildings and at two villa buildings launched late last year.
Completion of the entire project is expected next year.