Manoucheri Brothers bulked up its South Florida multifamily portfolio by adding a 153-unit apartment complex in Sunrise.
An affiliate of the Los Angeles and Aventura-based family office paid $30.4 million for Summerfield Apartments at 3200 Northwest 84th Avenue, records and real estate database Vizzda show. The buyer also assumed a nine-year $18.3 million Fannie Mae loan with a fixed rate of 4.8 percent.
Manoucheri Brothers is led by siblings Aaron, Avi and Yosef Manoucheri, who are the sons of Henry Manoucheri, CEO of Universe Holdings, a multifamily investment firm also based in Los Angeles.
The seller, an affiliate of Toronto, Ontario-based Firm Capital, paid $12.1 million for the 6.6-acre site in 2012, records show. Summerfield Apartments consists of six two-story rental buildings and a clubhouse completed in 1975.
Manoucheri Brothers began investing in Florida in 2020, acquiring multifamily properties in 16 cities across the state, the company’s website shows. In South Florida, the family office owns several small apartment buildings in Boynton Beach, Delray Beach, Fort Lauderdale and Miami, Aaron Manoucheri told The Real Deal.
Manoucheri Brothers plans to acquire 10,000 apartments in Florida, he added. “We are getting close to 1,000 units and we have another 9,000 to go,” Monoucheri said. “[Including Summerfield Apartments], our Florida portfolio is worth close to $250 million.”
Summerfield Apartments represents the family office’s largest purchase in the tri-county region, Monoucheri said. “We sourced it off-market,” he said. “We got a phone call about this opportunity, and we had been researching this market for some time. It fits like a glove.”
Assumption of the Fannie Mae loan with a low fixed-rate made the deal even more enticing, Manoucheri said. “Today, deals are going out at 6.5 to 7 percent with a fixed-rate mortgage,” he said. “It is out of control. We are very pleased and thankful to God for sending us this deal.”
Part of the Manoucheri family strategy is to buy apartment buildings with assumable low fixed-rate mortgages. In January, Universe and Manoucheri Brothers paid $66 million for an apartment complex in Tampa and assumed a 4.1 percent fixed-rate loan.
Summerfield Apartments will undergo renovations and upgrades that will allow Manoucheri Brothers to increase rents, Manoucheri said. “Right now, two-bedroom units without putting a dollar into them are leasing for two grand a month,” he said. “We will probably push that up by a couple hundred dollars or so after implementing our value-add program. We found a gem in a haystack.”
Recently, another Los Angeles-based real estate investor completed the biggest South Florida multifamily purchase so far this year. Ares Management paid $139.7 million for Ceru, an eight-story project with 284 units in Boca Raton.
Also this month, Coconut Grove-based Vantage Capital Partners acquired San Sherri Apartments, a 108-unit complex in Hialeah, for $20.6 million.