Bowery Properties bought a 352-unit apartment complex in Lauderhill for $44.1 million, marking a continuation of the year-end rush of South Florida multifamily investment sales.
An entity tied to Bowery owner Thomas Neary purchased Windward Vista Apartments at 4491 Northwest 19th Street from an affiliate of Chevy Chase, Maryland-based FCP, according to records and real estate database Vizzda. The buyer assumed the seller’s existing $25.3 million Freddie Mac loan on the property, bumping it up to $35.8 million.
The purchase breaks down to $125,284 per apartment.
Windward Vista consists of four four-story apartment buildings and a clubhouse completed in 1973 on a 9.7-acre site, Vizzda records show. FCP, or Federal Capital Partners, had paid $28.5 million for the property in 2018.
The complex has one- and two-bedroom apartments, with monthly rents ranging from $1,550 to $2,050, according to Apartments.com.
Miami-based Bowery has been a frequent investor in South Florida. Last year, it sold a Publix-leased building at 1140 Southwest 36th Avenue in Pompano Beach for $7.1 million. That came after Bowery’s $11.6 million purchase in 2021 of the 89-unit Buena Vista Gardens apartment complex at 5601 Northwest First Avenue in Miami’s Little Haiti. Also in 2021, Bowery sold a 35-property portfolio of single-family homes and apartments in the Buena Vista and Little Haiti neighborhoods in Miami for nearly $13 million.
This year, Neary dropped $22.1 million for the waterfront house at 16 La Gorce Circle in Miami Beach, which was the last piece of the late Dr. M. Lee Pearce’s La Gorce Island assemblage. The purchasing entity also is tied to Peter Neary and Claudia Perez Neary.
The Lauderhill purchase comes amid a rush on apartment investment sales in South Florida. Investors generally try to close deals before year-end. This month, EcoStone Group paid $17,6 million for the 63-unit Imanema Apartment building at 120 Southwest Eighth Avenue in Miami’s Little Haiti, and JSB Capital Group paid $69 million for the 197-unit Stellar at Emerald Hills at 5800-5840 Lakeshore Drive in Dania Beach.