New York’s FBE Limited Buys Rental in Hollywood, Florida for $32M

reprints


The Fruchtlander family is making inroads into South Florida. 

The New York-based FBE Limited, the family office of the Fruchlander family, paid $31.9 million for a Holywood, Fla. rental property, property records show.

SEE ALSO: Southern California Multifamily Rents and Sales Surge

Built in 1985, The Club at Emerald Waters multifamily complex holds 300 apartments and six buildings, totalling 4.9 acres. Monthly rents range between $1,249 and $2,136, according to Apartments.com

Located at 4000 N 56th Avenue, the property sits between the Florida 848 highway and U.S. Route 441 in the heart of Broward County. 

Arbor Realty SR loaned $62.7 million in financing that will mature in three years, almost double the sale price, per records. It wasn’t immediately clear why that was the case. FBE Limited and Arbor Realty executives could not be reached for comment. 

The seller, Miami-based Monument Real Estate Services, acquired the rental property for $31.5 million in 2014, per records.

Earlier this summer, FBE purchased Lauderhill rental property for $94.6 million with an $80.4 million mortgage from MF1 Capital. Led by Abraham Fruchthandler and managed by Yehoshua Leib Fruchthandler, the firm mostly owns property in Brooklyn, including a part of Industry City, a 6 million-square-foot retail and office mega-development.