Four Corners Development Group bought a 210-unit apartment complex in Plantation for $48.6 million, amid a flurry of year-end multifamily deals.
The New York-based firm purchased Nottingham Pine at 1 South Pine Island Road from investors Krishna Persaud and Arvind Reddy, according to records and real estate database Vizzda. The deal breaks down to $231,333 per unit.
Tal Frydman and Naomi Swisa of Newmark represented the buyer and the seller.
Four Corners assumed the seller’s Fannie Mae loan originated from Phoenixville, Pennsylvania-based Customers Bank, records show. In 2022, an affiliate of Persaud and Reddy took out a $52.6 million loan on the property. After they paid down a portion of the debt, Four Corners assumed the balance of about $36 million, according to a source familiar with the deal.
Four Corners CEO Jason Wisotsky and Zachary Murphy of REM Properties are loan guarantors, records show.
Nottingham Pine consists of three five-story buildings completed in 1980 on a nearly 9-acre site, Vizzda records show.
Persaud and Reddy, through an affiliate, paid $46 million for the complex in 2021 by purchasing the ownership interest in the entity that owns the complex.
Nottingham Pine has studios, as well as one- and two-bedroom apartments, according to its website. Monthly rents for one-bedroom units are listed at $2,195 and $2,295; and $2,395, $2,495 and $2,595 for two-bedroom units. Nottingham Pine’s website does not list studio rents.
Over the past two months, South Florida’s multifamily market has experienced a rush on investment sales, as investors hurry to finalize their financials by year-end. This month, FCP paid $67.5 million for the 250-unit Alexan Miramar complex at 3155 Southwest 147th Terrace in Miramar, and Bowery Properties paid $44.1 million for the 352-unit Windward Vista Apartments at 4491 Northwest 19th Street in Lauderhill.
Despite the recent flurry of deals, the tri-county’s market has generally felt the sting from elevated interest rates and skyrocketing insurance. As a whole, activity this year and last slowed compared with the boom times of 2021 and 2022, with some properties trading at a discount.
Last year, Persaud and Reddy sold the 124-unit Amberstone Apartments complex at 470-530 East McNab Road in Pompano Beach for $24.1 million, marking an 8 percent discount from their purchase price in 2022.
