Legacy Residential Group added to its South Florida multifamily portfolio by purchasing a Coconut Creek apartment community for $77 million.
An affiliate of Miami-based Legacy, led by Tom Cabrerizo, acquired the complex with 416 units at 4303 West Atlantic Boulevard, records and real estate database Vizzda shows. Formerly known as Banyan Bay Apartments, the property has been renamed Legacy at Coconut Creek, Vizzda states.
Legacy partially financed the purchase with a $64.4 million loan from Truist Bank. The deal breaks down to $185,096 per apartment.
The seller, an affiliate of Chicago-based Nuveen Real Estate, sold the complex for more than triple the previous sale price nearly three decades ago. In 1999, Nuveen paid $25 million for the 25.6-acre community, records show. The firm is the investment arm for New York-based Teachers Insurance and Annuity Association of America (TIAA).
Built in 1985, Legacy at Coconut Creek consists of 19 three-story buildings and four one-story buildings. The community has a mix of one- and two-bedroom apartments ranging in size from 799 square feet to 1,220 square feet, with monthly rents at $1,750 to $2,400 a month, according to Apartments.com.
Nuveen, led by Mike Sales, is an active player in South Florida’s multifamily market as a seller and a loan provider. Last month, the firm provided a $72 million loan to Atlanta-based Acre that refinanced previous debt secured by Adela at MiMo Bay, a five-story apartment building with 236 units in Miami’s Upper Eastside neighborhood.
In July, Nuveen sold a 358-unit apartment complex near Miami Lakes for $93.5 million.
Legacy manages and operates more than 6,500 multifamily units, with an additional 3,400 units under development, according to the firm’s website. In April, Legacy and CD Group sold a 50-acre development site near Florida City to Freehold Capital Management for $31.6 million. The joint venture previously planned to build 309 rental townhouses.
