Fruchthandler-Affiliated Company Buys Miami-Area Apartments for $95M
By Celia Young July 7, 2021 8:01 pm
reprints
A company connected to the Fruchthandler family just bought up a slew of Miami-area apartments for $94.6 million, property records show.
FBE — led by Abraham Fruchthandler and managed by Yehoshua Leib Fruchthandler — owns properties in New York. It purchased the Cypress Grove Apartments at 4200 NW 19th Street in Lauderhill north of Miami under the limited liability company 4200 Cypress Owner, The Real Deal reported.
The firm received an $80.4 million mortgage from MF1 Capital — a multifamily bridge lending and preferred equity platform founded with the backing of CBRE in 2018. The lender did not immediately respond to a request for comment.
The mortgage is for nearly 85 percent of the purchase price. Cypress Grove Apartments could not be reached for comment.
The property holds 814 units in several four-story multifamily units and the complex was built in 1970, according to property records. The complex holds just over 1 million square feet and was last sold by an affiliate of private equity firm Code Capital Partners in 2020 for $44.6 million, TRD reported.
Hodges Ward Elliott’s Daniel Parker brokered the sale, TRD reported.
Celia Young can be reached at cyoung@commercialobserver.com.
