FCP Buys Broward County Rental for $53M

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Federal Capital Partners (FCP) paid $53.1 million for a multifamily complex in Broward County, property records show. 

The development, Avana Cypress Creek Apartments, includes 220 units across nine three-story buildings at 1700 South State Road 7 in North Lauderdale, sandwiched between West McNab Road and the Florida Turnpike. 

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The sale equates to roughly $242,000 per apartment. Robert Given and Zachary Sackley of CBRE brokered the transaction. 

The seller, Eaton Vance, a Morgan Stanley-owned investment firm, bought the 255,974-square-foot property, completed in 2010, for $46 million in 2019, according to property records. 

FCP, a residential investor headquartered in Washington, D.C., assumed Eaton Vance’s $29.9 million loan from Fannie Mae, which bears a 3.83 percent annual interest rate and comes due in June 2029, per mortgage documents. Monthly payments range between $89,068 and $98,611.

The acquisition ups FCP’s Florida portfolio to nearly 6,000 units. 

South Florida’s multifamily market has nabbed a few big-ticket sales in recent months following a cool-down prompted by interest-rate hikes. 

Harbor Group International bought a rental complex in West Palm Beach for $105.5 million last month. Related Group and Rockpoint sold a newly completed apartment complex in nearby Lantana for $138 million, also in June. In May, Pantzer Properties dropped $98 million to buy an apartment building in Coral Gables.

Julia Echikson can be reached at jechikson@commercialobserver.com