Apartment Home Complex Sells For Nearly 46% Gain In Less Than 4 Years
Ronald Meyerson, P.A, Senior VP of Multifamily Sales with Melo Real Estate, a Miami-based boutique real estate firm lead by Frank Rodriguez Melo, CCIM that specializes in multifamily and retail acquisitions and management, negotiated the sale of 222 units at Jasmine at Tamarac, an apartment home complex comprised of one- and two-bedroom units.
JAT Owner LLC acquired the units for a total of $22 million, or $99,099 per unit.
Elandis acquired the 222 residential apartments, representing the majority of the 291-unit community, in December of 2012 for $15,000,000. The remaining 69 units are privately owned.
Originally built in 1987 as a multifamily rental community, Jasmine at Tamarac underwent a condominium conversion and renovation program in 2006.
“Elandis originally purchased the property as a value add asset as a result of market conditions, and was able to sell at a 46 percent gain in just a few years,” commented Meyerson.
The deal closed August 4.
Avison Young Associate Tyler Minix assisted with the transaction.
The deal brings Melo Real Estate’s closed multifamily transactions so far in 2016 to more than $97 million. On July 1, 2016, Meyerson negotiated the sale of a 17-building, 408-unit multifamily asset for a total of $53.75 million, or $131,800 per unit.
Parrot’s Landing LLC purchased Phase I of Parrot’s Landing Apartments, located at 7900 Hampton Boulevard in North Lauderdale, from an affiliate of Toronto, Canada-based Brass Enterprises.
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