In its first South Florida acquisition, ROI Capital acquired Green Tree Apartments for $58.5 million
Fort Lauderdale, Fla. (April 27, 2021) – Berkadia announces it has arranged the sale and financing of Green Tree Apartments, a value-add apartment community with 296 units located in Fort Lauderdale, Fla. The property traded for $58.5 million, representing $197,635 per unit.
Senior Managing Directors Jaret Turkell and Roberto Pesant, along with Director Yoav Yuhjtman, Associate Omar Morales, and Senior Analyst Jose Mota of Berkadia’s Miami office, marketed the property on behalf of the seller, Northland, an industry-leading private equity firm based in Newtown, Mass. that owns and operates 8,671 units across Florida. The company acquired Green Tree in 1994 for $12.6 million.
Senior Managing Director Mitch Sinberg and Managing Director Brad Williamson, of Berkadia’s Boca Raton and Miami offices respectively, arranged financing for the buyer, ROI Capital Group, a private real estate firm based in Israel. Berkadia secured a $47 million loan through ACRES, a nationwide lender based in Westbury, New York. The three-year bridge loan includes two one-year options.
“Green Tree Apartments represented a rare opportunity to acquire a well-maintained, value-add asset in a suburban infill location where there is still the potential to capture rent premiums by renovating a majority of the units,” said Turkell. “The property also benefits from being located adjacent to a Publix-anchored shopping center and fronting North Dixie Highway.”
Added Williamson, “ROI Capital Group owns a significant single-family rental portfolio, but this marked the company’s first multifamily property acquisition in South Florida. We were able to secure the most attractive bridge financing terms in the marketplace due to the sponsor’s excellent track record and experience renovating properties throughout the Southeast and Texas.”
Built in 1974 and located at 5201 N. Dixie Highway, Green Tree apartments includes one- and two-bedroom apartments averaging 825 square feet. Apartments include vinyl flooring, screened-in balconies, fully electric kitchens, and walk-in closets on half of the units. Shared community amenities include a fitness center, two swimming pools, grilling stations, an updated clubhouse and laundry rooms.
Green Tree is located one mile east of I-95 off of Commercial Boulevard and two miles west of the oceanfront community Lauderdale-by-the-Sea. It is approximately 15 minutes from downtown Fort Lauderdale and Fort Lauderdale-Hollywood International Airport, five minutes from the Cypress Creek office market, and 35 minutes from downtown Miami.