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Lauderhill, Fla. (March 7, 2018) – Berkadia announces it has arranged the $28.5 million sale of Summit Palms, a 352-unit multifamily community located in Lauderhill, Florida. Berkadia represented the seller, Summit Property Group, a real estate investment firm based in Miami. Berkadia also represented the buyer, FCP℠, a privately held real estate investment firm based in Chevy Chase, Maryland that has invested in more than $6 billion since its founding in 1999.
Berkadia’s South Florida office arranged the deal. The professionals involved include Senior Director Tal Frydman, Director Yoav Yuhjtman, and Associate Director Nicholas Perrone.
“As demand continues to exceed supply in the South Florida region, effective rents are forecast to increase by 3.1 percent by December, attracting investment in workforce housing,” said Frydman. “Deliveries are expected to decrease by 17 percent, which also makes for a competitive multifamily investment market that promises favorable returns.”
“Summit Property Group, led by Gabi Harkham, acquired the property six years ago when the property had less than 5 percent occupancy. After investing over $5 million in CapEx, they have been able to stabilize and completely reposition this asset,” added Yuhjtman. “Looking to take advantage of the strong market in South Florida, they felt that it was the right time sell the property, and will now look for their next project.”
“FCP is pleased to enter the South Florida market with the acquisition of Summit Palms,” said FCP Vice President, Bruce Gago, who manages its Florida office. “FCP has now closed seven multifamily properties in Florida over the past 18 months, along with two multifamily development projects, and this acquisition exemplifies our commitment to our continued expansion in the state. With strong fundamentals in the submarket, Summit Palms represented a compelling investment opportunity.”
Built in 1974, Summit Palms is situated at 4491 NW 19th Street. The multifamily asset features one-, two-, and three-bedroom units featuring high speed internet access, private balconies/patios, and central air conditioning. Community amenities include elevator service, on-site laundry facilities, children’s playground, and on-site management.
Located in the Lauderhill submarket, the community is located near major transit routes and employers. Florida’s Turnpike is about five minutes away, and Interstate 95 is approximately 15 minutes away, offering residents easy access throughout the South Florida region. Significant employers are only a short drive away, including Florida Medical Center only five minutes away, and Broward Health Medical Center and Fort-Lauderdale-Hollywood International Airport about 20 minutes away, with Port Everglades just 25 minutes away.