Newmark Facilitates Sale Of Three Multifamily Properties For $133 Million
Newmark announced the sale of three multifamily properties totaling $133 million and spanning 656 units in South Florida.
The transactions include the sale of The Lakes of Deerfield in Deerfield Beach, Axis at One Pine in Plantation and Parc Place in Miami.
“Property performance in Multifamily has experienced a significant bounce post-Covid. South Florida has witnessed some of the strongest occupancy rates and rental increases in years due to the incredible population growth and demand for housing. In addition, we have documented a significant increase in activity from investors, both private and institutional, looking to the South Florida multifamily market as a place in which to place capital,” said Frydman.
The Lakes of Deerfield, located at 1100 S Military Trail in Deerfield Beach, sold from GFI to Investments Limited for $46,000,000. The property features 212 rental units and spans over 206,720 square feet. Axis at One Pine is located at 1 S Pine Island Rd in Plantation sold from Pensam Capital to KPC Properties for $46,000,000. The asset features 204 units and spans over 228,275 square feet. Parc Place, located at 17600 NW 5th Avenue in Miami, traded hands from Coastline Management to The Lynd Group for $40,800,000. The property has 234 rental units and spans 172,350 square feet. Each transaction offers ownership a value-add investment opportunity by implementing light upgrades to the interiors of the rental units and community amenities. The Lynd Group was represented by Ronald Meyerson, P.A, Senior VP of Multifamily Sales with Cedano Realty Advisors, a Miami-based boutique real estate firm, in the transaction.
“Our South Florida Investment Sales Team has kept up with the incredible demand for product and delivered consistent results for our clients,” added Beebe. In the first half of 2021, sales volume is up over 143% from 2020, and we fully expect the balance of 2021 to remain busy.”
According to Newmark Research, over the past 12 months, investor appetite has intensified for multifamily properties throughout the Southeast and Southwest regions of the country. Volume in these regions accounted for 54.7% of overall multifamily investment compared with 49.5% over the previous 12 months. The South Florida market alone saw almost $4 billion of sales in the multifamily sector over the past year.
“Parc Place is the exact kind of value-add investment opportunity we specialize in,” said Constantine Scurtis, president of Lynd Acquisition Group, Lynd’s investment division. “Taking a well-located property in an economically strong metropolitan area and utilizing our best-in-class management platform to make upgrades and boost performance on behalf of our investors.”
“We are very bullish on Florida, especially South Florida,” said A. David Lynd, Lynd’s CEO. “When you look at what’s happening in the region, several companies are moving here creating jobs. Good jobs mean good renters.”
Parc Place is a low-density garden-style multifamily property with unit features that include an all-electric kitchen, cable ready, central air and heating, disability access, tile/vinyl plank flooring, and oversized walk-in closets. The community amenities include ample parking and guest parking, a business center, fitness center, groundskeeper, and on-call maintenance. Residents at Parc Place are 10 minutes from Aventura Mall, Oleta River State Park, and Sunny Isles Beach. The property’s location also offers easy access to the area’s employment centers like Jackson North Medical Center, Publix Distributing Center and Florida Internal University Biscayne Bay Campus. The asset is also minutes away from the Golden Gate Interchange that links to I-95, the Florida Turnpike and Palmetto Expressway.
When Coastline Management Group acquired Parc Place Apartments (formally known as Park Plaza) over two years ago, the community needed repair with occupancy and collections down. Eyal Mehaber, President and Co-founder, and his team at Coastline Management Group saw this not only as a challenge but an opportunity to turn things around.
Coastline was able to raise the rent by over 30% across the board.
According to Mr. Mehaber, “When Coastline enters a new project, we immediately roll up our sleeves and address the issues that affect the occupancy and collections. We have a successful formula that includes upgrading our units, improving curb appeal, and providing stellar service to our residents. Eventually, the enhancements and structure that we implement are reflected in an increased NOI. The proof is in the pudding!”
The Lakes at Deerfield Apartments is a garden-style property with units that feature hardwood flooring, large bedrooms with walk-in closets, oversized kitchens with a breakfast bar, and spacious floorplans. The community amenities include a 24-hour fitness center, panoramic lake views, Mediterranean-style swimming pool with sundeck and spa, business center with Wifi, car care station, clubhouse with resident lounge and kitchen, lighted tennis courts and sand volleyball court. The property’s location offers residents easy access to area restaurants, shopping centers, entertainment options, I-95, FL-869, and Florida’s Turnpike.
Axis at One Pine is a five-story elevator-serviced apartment complex that recently underwent some interior renovations. The apartments feature ample closet and storage space, cable/internet ready, in-home washer/dryer units, hardwood-style flooring & tile, oversized private patio/balcony, and sweeping lake views. The property’s community amenities include 24-Hr emergency maintenance, a 24-Hr fitness center with an outdoor yoga deck, on-site laundry facilities, a poolside clubhouse and cabana lounge, a picnic area with BBQ grill, resort-style swimming pool and sundeck. Residents at Axis are within a 10-15-minute walk from Westfield Broward Mall, The Fountains Shopping Center and Plantation Walk. The property also offers quick access to area employment centers like Plantation Midtown, Sawgrass Corporate Park and Downtown Fort Lauderdale.
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