Multifamily Complex Sells At 46 Percent Gain In Less Than Four Years

Written by on 08.09.16 in Done Deals, Investment Trends, MultiFamily - No comments
Jasmine at Tamarac

Two hundred twenty-two units at Jasmine at Tamarac, a multifamily home complex with one- and two-bedroom units, has traded hands.

JAT Owner acquired the asset for $22 million, or $99,099 per unit. That’s nearly a 46% gain in less than four years.

Ronald Meyerson, senior vice president of multifamily sales at Melo Real Estate, negotiated the sale. Elandis acquired the 222 multifamily units, representing the majority of the 291-unit community, in December of 2012 for $15 million.

Originally built in 1987 as a multifamily complex, Jasmine at Tamarac underwent a condominium conversion and renovation program in 2006. The remaining 69 units are privately owned.

“This is a unique animal in the multifamily sector, as it’s one of many failed condo conversions from the run up to the 2008 crash,” Meyerson tells GlobeSt.com. “In addition, not many multifamily buyers want fractured deals. It takes a knowledgeable buyer to both buy and operate them as well as an educated broker to put the parties together.”

 

 

Source: GlobeSt.

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