Covenant Capital Buys Sprawling Tamarac Rental for $69M
By Julia Echikson August 20, 2021 6:44 pm
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Covenant Capital Group purchased a sprawling Tamarac, Fla. apartment rental complex for $69 million, property records show.
Lakeview Flats, located at 8800 NW 78th Court, sits on the outer edge of Broward County, less than four miles from the Everglades National Park, between W Atlantic Boulevard and the 870 Highway. Built in 1987, the apartment community consists of 22 buildings and 368 units, totaling 303,436 square feet.
Covenant Capital assumed Barclays’ $35.1 million loan from the seller, Ortsac Management led by Robert and Sofia Castro, per records. Based in Fort Lauderdale, Ortsa purchased the property for $54 million in 2017. The firm says its portfolio currently consists of assets worth over $300 million.
Headquartered in Nashville, Tenn., Covenant Capital specializes in the acquisition and renovation of apartment communities, holding $1.2 billion under management, according to the company. (A representative for the firm did not immediately respond to a request for comment.)
The sale comes as South Florida’s multifamily rental market booms. Average monthly rents rose 7.9 percent year-over-year to $1,831 per month, and occupancy stood at 96.5 percent at the close of 2021’s second quarter, according to data from brokerage Berkardia.
