MIAMI-In a complicated transaction, the South Florida operation of Grand Prairie, TX-based Fairfield Residential has bought a five-property rental multifamily portfolio and immediately sells two of the assets. TAM, the locally based investment arm of Bank of Kuwait, was the seller.
The price tag for the three Florida properties in the portfolio is $76.4 million, or $64,746 a unit. They are: the 340-unit Falls of Margate complex at 5100 W. Sample Rd. in Margate, the 302-unit Landings of Inverrary at 6701 W. Oakland Park Blvd. in Lauderhill, and the 243-unit Falls of Venice facility at 1001 Center Road in Venice.
The other two properties, located in Pennsylvania, were immediately re-sold to Union Realty. They are the 148-unit Greenbriar Village at 1701 Green Valley Dr. in Pittsburgh and Colony West, a 147-unit complex at 350 Colony West Dr. in Moon Township. The selling price for these properties approached $13 million.
"This sale is one of very few investment property sales in this condo-crazed environment," says Robert Given, SVP in the local office of CB Richard Ellis. Given led the team that represented TAM in the sale and also brokered the sales deal to Union Realty. Fairfield was represented in house in negotiations with TAM. Other members of the CBRE team are Jay Massirman, vice chairman; Charles Crapse, VP; Todd Weinstein and Gerard Yetming, associates; and Cindy Kamin, first VP. The five properties were completed between 1986 and 1989, Crapse tells GlobeSt.com. "The portfolio represented a value-add opportunity," he says, adding, "Fairfield plans to invest in upgrades of the Florida assets."
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