CaraCo Group Buys New Tamarac Rental for $73M
By Julia Echikson November 1, 2023 1:24 pm
reprints
The CaraCo Group of Companies bought a newly completed multifamily property in Tamarac, Fla., for $73 million, property records show.
The development, called Eden West, features 212 units at 8601 W McNab Road, about two miles east of Everglades National Park. The Deerfield Beach-based buyer nabbed a $50 million acquisition loan from Sound Point Capital Management.
Eden Multifamily and Cypress Equity Investments assembled the site in 2019, paying $8.4 million in total for several parcels, according to property records. The joint venture secured a $23.7 million loan from Wells Fargo in 2021 and completed the complex earlier this year. Foundation Capital Partners, also known as FCP, held preferred equity in the project, according to a spokesperson for Eden Multifamily.
Monthly rental rates range between $1,909 and $3,344, according to Apartments.com. A spokesperson for The CaraCo Group could not be reached for comment.
While South Florida multifamily investment sales have slowed since the height of the pandemic, Broward County has nabbed a few sales in recent months.
In July, Greystar, one of the country’s largest residential investors, bought a rental complex in Coral Springs for $56 million. A month later, KVR Properties sold another property in Pompano Beach for $24 million, netting a $2.2 million loss from the sale.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Update: The article was updated to include Cypress’ involvement and to amend the fact that FCP was not joint venture partner as listed in property records.
