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| Cypress Club at Woodmont, Tamarac, FL |
TAMARAC, FL– Marcus & Millichap Real Estate Investment
Services, the nation’s largest real estate investment services firm, has
arranged the sale of Cypress Club at Woodmont, a 164-unit luxury
multifamily complex in Tamarac, part of the Miami–Fort Lauderdale–Pompano Beach
metropolitan statistical area.
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| Tal Frydman |
The property sold for $17,400,000, which equates to $97 per
square foot, $106,097 per unit and a 5.48 percent cap rate.
Tal
Frydman, vice president investments, Daniel Cunningham, senior
associate, and Derek Gibbs, senior associate, all in the Fort Lauderdale
office of Marcus & Millichap, represented the seller, a private investment
group based in both New York and Florida. The buyer is a private investment
group with offices in Connecticut, New York and Florida.
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| Daniel Cunningham |
“During the course of our marketing campaign we registered
110 confidentiality agreements and conducted 29 tours,” says Frydman. “The
buyer secured the transaction by putting up hard money at the signing of the
contract. This provided the selling group with confidence in the buyer and we
closed within 60 days,” adds Frydman.
“The new owner is
planning to renovate all of the units and take advantage of the strong rental
market to increase rents.”
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| Derek Gibbs |
Built in 1989 on 10.6 acres, the property is a gated
community located in front of the Woodmont Country Club at 8161 University
Drive in Tamarac, Fla.
Cypress Club at Woodmont’s apartments average 1,052 square
feet and all are being operated as rentals, although 13 of the 164 units were
condo converted and upgraded with new tile, granite countertops, stainless
steel appliances, maple hardwood cabinets, new lighting accents, new bathroom
vanities and full-size washers and dryers.
All units have central air conditioning, walk-in closets and
balconies with storage space.
The complex features a pool, Jacuzzi, sundeck area, a
central leasing office, lighted tennis courts, a clubhouse, two outside
children’s playgrounds and ample parking.
For a complete copy of the company’s news release, please
contact:
Ben Johnson,
Marketing Director
(925) 953-1736
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