CaraCo buys newly built Tamarac apartment complex for $73M

CaraCo Group of Companies bought a new apartment complex in Tamarac for $73 million. 

CaraCo purchased the 212-unit complex at 8601 West McNab Road from the developers, Eden Multifamily and Cypress Equity Investments, according to records and real estate database Vizzda. The buyer took out a $50 million loan from Sound Point Capital.

The sale equates to $344,340 per apartment. 

Completed this year, the complex consists of a pair of four-story buildings spanning 224,000 square feet on 7 acres, Vizzda records show. The complex is called Eden West, though the name is likely to change following the sale. 

An entity tied to Eden paid $3.4 million for the development site in 2019, records show. 

Eden and Cypress Equity started building the complex in 2021 after scoring a $23.7 million construction loan. At the time, Chevy Chase, Maryland-based investment firm FCP provided $8.6 million in preferred equity for the project. 

The complex offers studios and one- to three-bedroom apartments, with monthly rents ranging from $1,909 to $3,344, according to Apartments.com. 

CaraCo, which has its U.S. headquarters in Deerfield Beach, and its Canadian base in Kingston, Ontario, is a family founded and owned multifamily and commercial real estate firm, according to its website. Founded by Ann and Cornell Blommestyn in 1959 as a construction company, CaraCo’s portfolio consists of 18 communities with nearly 2,000 homes; 250,000 square feet of commercial properties; and over 3,000 single-family homes. Anita Blommestyn is executive director, while other family members lead company divisions for development and property management. Gennaro DiSanto is CEO. 

Founded in 2015 and led by Jay Massirman, Eden is a multifamily development and investment firm based in Coconut Grove. Its portfolio includes 1,200 units under construction in Florida, according to a news release announcing the sale. 

Eden is partnering with The Dermot Company on a planned 44-story, 430-unit apartment tower at 1018 North Miami Avenue in Miami’s Park West neighborhood. 

Los Angeles-based Cypress Equity is a real estate buyer, developer and investor with a portfolio of 21,000 multifamily units and commercial properties valued at over $13 billion, its website says. The firm is active in Los Angeles County, where Cypress proposes to double the size of an apartment complex on Wilshire Boulevard in Santa Monica to eight stories and 140 units. 

South Florida multifamily investment sales dropped this year due to high borrowing costs, though activity began to trickle in this summer. While Tamarac was devoid of deals so far this year, in nearby North Lauderdale, FCP paid $53.1 million for the Avana Cypress Creek Apartments at 1700 South State Road 7 in July.