Ashcroft Capital bought an apartment complex in Coconut Creek for $70.4 million
An affiliate of Ashcroft, a New York-based multifamily real estate investment firm, acquired Advenir at Cocoplum at 4142 Cocoplum Circle, according to records and Vizzda. The buyer assumed a $62.2 million Freddie Mac mortgage through Newmark. The deal breaks down to $195,555 per apartment.
The seller, Aventura-based Advenir, paid $64.5 million for the 360-unit community in 2017, records show. At the time, the property was known as Crown Pointe Apartments. Consisting of 45 two-story buildings on 32.7 acres, Advenir at Cocoplum was completed in 1986 and 1988.
The complex offers one-, two- and three-bedroom units ranging from $1,735 to $1,972 a month, according to Apartments.com.
Led by CEO Frank Roessler, Ashcroft has a $2.7 billion multifamily portfolio in Florida, Georgia and Texas with 13,062 apartments under management, according to the firm’s website.
Multifamily trades have downshifted in South Florida in recent months, as investors pump the brakes on purchases due to high interest rates on mortgages and plateauing rents. Sales volume dropped 72 percent in the first half of this year, year-over-year, according to a recent Berkadia report.
The tri-county region’s apartment occupancy dipped 2 percentage points, averaging 95 percent during the second quarter, the report shows. Landlords responded by offering more concessions to potential tenants, including one month free rent and discounts on fees such as pet deposits.
Yet, South Florida’s multifamily development is booming, despite the slowdown in sales of apartment complexes. This month, LCOR submitted plans with the city of Miami to build a 42-story tower with 544 apartments on a development site between Miami’s Edgewater and Arts & Entertainment District. Last year, LCOR paid $49 million for the development site at 1775 Biscayne Boulevard.
Also this month, Palm Beach Gardens-based Ram Realty Advisors nabbed an $80.6 million construction loan to build a 353-unit multifamily complex on a 12.4-acre site near Zoo Miami in unincorporated southwest Miami-Dade County.
Last month, Miami-based Pinnacle landed $47.8 million in construction financing for an eight-story, 100-unit apartment building on 1.7 acres in Hollywood. And in West Palm Beach, a joint venture between Woodfield Development and Flagler Realty & Development is seeking final approval to purchase a city-owned development site for $10.5 million. The partnership is proposing a 358-unit multifamily project on 5 vacant acres at 8111 South Dixie Highway.
The West Palm Beach City Commission is scheduled to vote on the deal on Monday.