Canadian Apartment Investor Scoops Up Tamarac Complex for $47M
The deal, which breaks down to over $161,500 a unit, speaks to a strong South Florida multifamily market.
A Canadian multifamily investor bought a Tamarac community for $47 million, illustrating the healthy appetite for suburban South Florida apartments.
An affiliate of Toronto-based Prism Multifamily Group bought the nine-building Spectra at Tamarac on Oct. 24 from an affiliate of apartment investor Embassy Group LLC based in Airmont, New York.
Spectra at Tamarac sits on 17.7 acres northeast of Commercial Boulevard and Pine Island Road at 8650 NW 61st St.
The community has 291 units and a total of 256,572 square feet, according to the Broward County property appraiser’s office. The property was constructed in 1986 and 1987,
The deal price works out to $161,512 per unit.
The acquisition speaks to a healthy South Florida multifamily market. Strong demand from residents is fueled by population growth in the region and the high barrier to entry for homeownership. Market growth caught the eye of investors, which have been scooping up properties.
South Florida multifamily transactions reached $1.2 billion through September this year, a 24% jump from the same time last year, according to JLL data.
Transactions largely are of sprawling suburban communities in spite of hype in real estate circles about urban core growth and a millennial preference for living in walkable downtowns.
In the biggest South Florida multifamily deal this year, NexPoint Residential Trust Inc., a publicly traded real estate investment trust based in Dallas, in August bought The Avant at Pembroke Pines for $322 million. The 1,520-unit community is in southwest Broward County near Interstate 75 and Florida’s Turnpike Extension.
Spectra at Tamarac is over 95% occupied.
Buyer Prism, which renamed the community to Spectra from 72 West, owns a portfolio of Spectra and Spectrum multifamily communities, mainly in Las Vegas, according to its website. Prism invests in U.S. apartments on behalf of Canadian family offices.
Spectra at Tamarac has one-bedroom units ranging from 756 square feet to 852 square feet and two-bedroom units from 899 to 976 square feet, according to its website. It’s a two-mile drive to the Sawgrass Expressway and closer to University Drive.
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