2 Broward County Multifamily Complexes Sell for $46M Each
Two different affordable multifamily complexes, both in Broward County, sold for $46 million each, brokerage Newmark announced.
Fort Lauderdale-based real estate investment firm KPC Properties purchased Axis at One Pine in Plantation from another South Florida-based real estate investment company, Pensam Capital.
Situated at 1 South Pine Island Road in Plantation, the 228,275-square-foot complex features 204 rental units. Monthly rates range between $1,495 and $1,995 per month, according to Aparments.com.
About 20 miles north in Deerfield Beach, Investments Limited — led by married couple James and Marta Batmasian — bought The Lakes of Deerfield from New York-based GFI.
Located at 1100 S Military Trail, the 206,720-square-foot, garden-style property features 212 rental units. Monthly rents range between $1,309 and $2,315, per Aparments.com.
While the Batmasians are among Boca Raton’s largest property owners, scandals have followed. In 2008, James Batmasian served eight months in federal prison for failing to pay $250,000 in payroll taxes, the Palm Beach Post reported. Former President Donald Trump pardoned Batmasian shortly before leaving office.
Both properties last traded hands at similar price points. Constructed in 1980, the Plantation property last sold in 2015 for $31.5 million, property records show. While the Deerfield complex, built in 1995, last sold for $33.7 million in 2016, per property records.
Newmark’s Tal Frydman and Hampton Beebe brokered both deals.