Category Five Real Estate expanded its multifamily holdings after paying $32.3 million for a Broward County portfolio.
Aventura-based Category Five, led by brothers Leon and Mike Peisach, acquired four properties consisting of 26 one- and two-story buildings with 184 apartments combined, records and real estate database Vizzda show. The deal breaks down to $175,434 per unit.
Category Five partially financed the purchase with a $21 million mortgage from Santander Bank.
The buildings, all in Sunrise, were completed between 1969 and 1973, records show. The portfolio’s unit mix is studios and one-, two- and three-bedroom apartments.
A Marcus & Millichap team led by Brandon Rex and Evan Kristol represented the sellers, four separate entities managed by Jomy Zacharias in Fort Lauderdale, and procured the buyer, a press release states.
The seller installed new roofs on the 26 buildings between 2022 and last year, the release states.
The properties are:
- La Haina Apartments a 60-unit apartment complex at 7041 Sunset Strip. The seller paid $3.6 million in 2004.
- Lake Success Apartments, another complex with 60 apartments at 2551-6398 Northwest 26th Street that the seller bought for $5.4 million in 2015.
- Riverview Apartments, a two-building complex with 40 apartments at 2650 Northwest 64th Avenue. The seller paid $2.6 million in 2014.
- Sunrise Gardens, a community of three buildings with 24 apartments at 2109-2119 Northwest 64th Avenue. The seller paid $1.8 million in 2008.
Category Five plans to renovate the interiors and exteriors, as well as adding modern amenities and upgrades to the four complexes, Leon and Mike Peisach said in a statement.
“Rental demand in Sunrise is robust and growing,” Leon Peisach said. “We are looking to invest in more assets in this area. We believe strongly in this submarket.”
Founded in 2021, Category Five focuses on buying older apartment buildings. With its recent acquisition, the firm owns 784 units in Miami-Dade and Broward counties. In March, the firm paid $18 million for a pair of garden-style multifamily communities near Miami Shores and North Miami.
