Federal Capital Partners has expanded its portfolio of multifamily properties in the Florida with its purchase of Avana Cypress Creek Apartments, a nine-building 220-unit luxury apartment community located in North Lauderdale.
FCP acquired the property from Eaton Vance Investment Managers, according to Yardi Matrix data. The buyer will assume payment of an existing $29.9 million Fannie Mae-backed loan.
Robert Given and Zachary Sackley, vice chairmen of CBRE’s Florida-centered Capital Markets Group, represented the seller in the transaction.
Fort Lauderdale fixture
Avana Cypress Creek was built in 2009. Eaton Vance purchased the property from Greystar in 2019 for $54.9 million, according to Yardi Matrix data. At the time of that acquisition, the prior owner was undertaking renovations to the community’s unit interiors, including new flooring and tile arrangements, as well as the installation of Nest thermostats. Greystar Management is the property’s manager.
Avana Cypress creek is sectioned into one, two- and three-bedroom units averaging 1,073 square feet, with an average rent of $2,539 per unit, according to Yardi Matrix data. The renovated homes include kitchens with wooden cabinets and soft closing cupboards and drawers, as well as stainless steel appliances, granite countertops and track lighting. Additionally, the units offer walk-in closets, with select homes featuring private entryways and attached garages.
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Across the 10-acre community, residents have access to a 4,000-square-foot clubhouse located adjacent to a swimming pool with cabanas, in addition to an outdoor lounge and entertainment area, a media room, service bar, cyber café and business center. The property’s outdoor areas includes landscaped green spaces.
Situated in the Miami metro, Avana Cypress Creek Apartments offers direct access to State Route 7, offering highway access to downtown Miami, which is 30 miles to the south. The community is seven miles from the center of Fort Lauderdale, with quick access to the city’s dining, retail, entertainment and cultural offerings.
Southeastern investments
The purchase of Avana Cypress Creek grows FCP’s multifamily assets around Broward County to 6,000 units.
Over the past year, the firm has made several investments in the Southeast, which is home to many of the nation’s fastest-growing metro areas. The firm bought Amber Grove at Olley Creek Apartments, a 360-unit community located outside Atlanta, in a sale worth $51 million. In November of 2022, the firm acquired 158 acres for the development of The Exchange at Indian Land Apartments, a planned mixed-use property that will include 400 multifamily units and 35,000 square feet of retail space in Indian Land, S.C.
