Berkadia has arranged the sale and financing of a two-property, multifamily portfolio in the Fort Lauderdale, Florida metropolitan area.
Aventura-based Cardone Capital, Grant Cardone’s real estate investment firm, purchased 585 units at San Michele Collection and 387 units at Colonnade Residences for a combined purchase price of $355 million. In addition, Berkadia lined up a $280.3 million loan for the acquisition. Both properties were over 98 percent occupied at the time of the sale.
Senior Managing Directors Jaret Turkell and Roberto Pesant, along with Associate Director Omar Morales, marketed the portfolio on behalf of the seller. Senior Managing Director Mitch Sinberg, Managing Director Matt Robbins and Vice President-Originations Hugo Hernandez of Berkadia Boca Raton secured acquisition financing on behalf of Cardone Capital. Lender MF1 originated a $182.9 million loan for San Michele Collection and an $97.93 million loan for Colonnade Residences. Both were three-year, floating-rate loans with two, 12-month extension options.
“Western Broward County remains one of the most desirable places to live in South Florida on account of comfortable suburban atmosphere, excellent highways and transportation infrastructure, and accessibility to major employment nodes across the region – both large corporate campuses in Palm Beach and Broward Counties, as well as downtown urban locations such as Fort Lauderdale,” said Sinberg “As more people move into South Florida from other parts of the country, well-amenitized, modern apartment communities like this one will be in high demand, and will trade at a premium.”
Located at 1343 Saint Tropez Circle, San Michele Collection was built in 1996. It offers two-, three- and four-bedroom apartments ranging from 1,194 square feet to 2,074 square feet and individual units feature contemporary plank flooring, European cabinetry, stainless steel whirlpool appliances, quartz countertops, built-in microwaves, a full-sized washer and dryer, oversized walk-in closets, and spa quality tubs or glass shower doors. The gated waterfront community amenities include a fitness center, a basketball court and tennis court, pool, spa, picnic area with a grill, a lounge and maintenance on site. Situated in Weston, San Michele Collection is close to the Weston Town Center, the Weston Hills Country Club, the Long Key Natural Area & Nature Center, with easy access to the Fort Lauderdale-Hollywood Airport.
Located at 1640 NW 128th Drive, the Colonnade Residences was built in 1996 and offers one-, two- and three-bedroom apartments ranging from 852 square feet to 1,293 square feet. Apartments offer granite countertops, vaulted ceilings, walk-in closets, extra storage space and a patio or balcony. The gated community amenities include a pool, tennis court, a clubhouse, sundeck, lounge, fitness center and a conference room.
Both properties are within five minutes of I-75 and I-595 in Broward County, offering resident extraordinary access to all of South Florida’s major employers, and within 10 minutes of the Florida Turnpike. Large corporate employers within a 20-minute drive include Royal Caribbean Cruises, American Express, Telemundo, Microsoft, Memorial Hospital West/Memorial Hospital Miramar, Hard Rock Stadium, Sawgrass Mills Mall, Seminole Hollywood Guitar Hotel, and Broward College-South Campus. The properties are less than 30 minutes from downtown Fort Lauderdale and Fort Lauderdale-Hollywood International Airport.
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