Rausmans sell Lauderdale Lakes apartment/condo complex for $77M

Juda Klein paid $126K per unit for it

2690-2770 Somerset Drive in Lauderdale Lakes

2690-2770 Somerset Drive in Lauderdale Lakes (Google Maps)

A 612-unit complex with both apartments and condos in Lauderdale Lakes traded for $77.1 million. 

An entity tied to Juda Klein purchased the 36-acre property at 2690-2770 Somerset Drive from limited liability companies led by Henry and Norman Rausman, according to records and real estate database Vizzda. The buyer secured a $70 million loan from Valley Bank

The 619,000-square-foot garden-style complex consists of four three-story buildings, 14 four-story buildings and a pair of one-story buildings, Vizzda shows. They were completed in 1986 and 1987. 

The condo units, of which there are at least 288, are listed for rent. The complex offers one-bedroom and two-bedroom units, with monthly rents ranging from $1,329 to $1,679, according to Apartments.com. 

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The buyer shares the same name as developer Juda Klein, who leads Parkview Management in New York. 

The deal comes during a dry spell for South Florida multifamily sales, resulting from the Federal Reserve’s consistent interest rate hikes that have made acquisition financing expensive. 

Among the few deals this year, Pantzer Properties bought the Milagro apartment building at 2263 Southwest 37th Avenue in Miami for $97.5 million in May. The same month, GID bought the Windsor Biscayne Shores apartment complex at 12010 Northeast 16th Avenue in the Biscayne Shores neighborhood of unincorporated Miami-Dade County for $56 million

Lauderdale Lakes didn’t score much of the investment sales flurry of last year and 2021. In 2020, Peak Capital Partners bought the St. Croix Apartments at 4075 to 4201 Northwest 34th Street for $16.9 million