Commercial Real Estate
South Florida

Covenant Capital Group buys Tamarac apartments for $69M

Deal equates $188K per unit

Google Street View of 8900 Northwest 77th Court and 8800 Northwest 78th Court in Tamarac and Covenant Capital Group managing partners and co-founders Frederic Scarola and Govan White (Covenant Capital Group)

Google Street View of 8900 Northwest 77th Court and 8800 Northwest 78th Court in Tamarac and Covenant Capital Group managing partners and co-founders Frederic Scarola and Govan White (Covenant Capital Group)

Covenant Capital Group bought the Lakeview Flats apartments in Tamarac for $69 million.

The Nashville, Tennessee-based investor bought the complex at 8800 Northwest 78th Court and 8900 Northwest 77th Court from affiliates of Ortsac Capital Group, based in Fort Lauderdale, records show. The buyer assumed a $35.1 million loan from the seller.

The deal for the 368-unit complex breaks down to $187,500 per apartment.

Lakeview Flats, which sprawls across 32.6 acres, was built in the late 1980s along a canal, property records show. Ortsac Capital Group bought the complex in 2017 for $54 million.

Ortsac Capital, founded by Bobby and Sofia Castro, has more than $300 million in its portfolio, according to its website.

The group in August sold another suburban Broward County multifamily property, the Golfview Flats in Sunrise, to Snow Real Estate for $15 million.

Covenant Capital Group, whose managing partners and co-founders are Frederic Scarola and Govan White, focuses on buying multifamily and adding value to complexes through renovations, according to its website. It has $1.2 billion of assets under management and boasts $1.4 billion returned to investors.

Covenant has had other South Florida multifamily investments. It sold a West Palm Beach complex for $55 million in 2019.

The regional multifamily market is seeing perhaps unprecedented rent growth. Rates increased 7.9 percent across the region year-over-year, according to a Berkadia mid-2021 report. The supply has not kept up with pent-up demand from a workforce returning to work, as well as from population influx.

Tamarac is experiencing some new construction, with Eden Multifamily and Cypress Equity Investments developing the 212-unit Eden West.

COMPANIES AND PEOPLE

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Commercial Real Estate
South Florida

Covenant Capital Group buys Tamarac apartments for $69M

Deal equates $188K per unit

Google Street View of 8900 Northwest 77th Court and 8800 Northwest 78th Court in Tamarac and Covenant Capital Group managing partners and co-founders Frederic Scarola and Govan White (Covenant Capital Group)

Google Street View of 8900 Northwest 77th Court and 8800 Northwest 78th Court in Tamarac and Covenant Capital Group managing partners and co-founders Frederic Scarola and Govan White (Covenant Capital Group)

Covenant Capital Group bought the Lakeview Flats apartments in Tamarac for $69 million.

The Nashville, Tennessee-based investor bought the complex at 8800 Northwest 78th Court and 8900 Northwest 77th Court from affiliates of Ortsac Capital Group, based in Fort Lauderdale, records show. The buyer assumed a $35.1 million loan from the seller.

The deal for the 368-unit complex breaks down to $187,500 per apartment.

Lakeview Flats, which sprawls across 32.6 acres, was built in the late 1980s along a canal, property records show. Ortsac Capital Group bought the complex in 2017 for $54 million.

Ortsac Capital, founded by Bobby and Sofia Castro, has more than $300 million in its portfolio, according to its website.

The group in August sold another suburban Broward County multifamily property, the Golfview Flats in Sunrise, to Snow Real Estate for $15 million.

Covenant Capital Group, whose managing partners and co-founders are Frederic Scarola and Govan White, focuses on buying multifamily and adding value to complexes through renovations, according to its website. It has $1.2 billion of assets under management and boasts $1.4 billion returned to investors.

Covenant has had other South Florida multifamily investments. It sold a West Palm Beach complex for $55 million in 2019.

The regional multifamily market is seeing perhaps unprecedented rent growth. Rates increased 7.9 percent across the region year-over-year, according to a Berkadia mid-2021 report. The supply has not kept up with pent-up demand from a workforce returning to work, as well as from population influx.

Tamarac is experiencing some new construction, with Eden Multifamily and Cypress Equity Investments developing the 212-unit Eden West.

COMPANIES AND PEOPLE

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