SOLD
FCP Acquires Avana Cypress Creek Apartments For $53.1M From Eaton Vance
1700 South State Road 7
MultiFamily
Sold 302 days ago
Summary
Sale
FLORIDA
MultiFamily
A 220-unit multifamily property located at 1700 South State Road 7 in North Lauderdale has been sold for $53.1 million. The Avana Cypress Creek Apartments were purchased by FCP through their Fund V. The property spans across 10 acres and includes amenities such as a swimming pool, fitness center, and on-site management.
Summary of transaction details
- Property Type: Multifamily
- Sale Price: $53,100,000
- Address: 1700 South State Road 7
- Market: North Lauderdale
- Acres: 10
FCP, represented by Chevy Chase, Esko Korhonen, Lacy Rice, and Alex Marshall, acquired the Avana Cypress Creek Apartments from Eaton Vance. The transaction was facilitated by brokers Robert Given and Zachary Sackley of CBRE. FCP took over the seller's $29.9 million Fannie Mae loan as part of the acquisition.
Note: FCP utilized their Fund V to purchase the property and secure the $53.1 million deal, with the additional financing provided through the assumption of Eaton Vance's existing loan.
Players
All
3
Agents
2
Agencies
1
Details
SOLD
IMAGE: Alex Marshall, Esko Korhonen & Lacy Rice
DATE: 07/07/2023
ADDRESS: 1700 South State Road 7
MARKET: North Lauderdale
ASSET TYPE: Multifamily ~ ACRES: 10
BUYER: FCP - Chevy Chase, Esko Korhonen, Lacy Rice & Alex Marshall
SELLER: Eaton Vance
BROKERS: Robert Given & Zachary Sackley - CBRE
SALE PRICE: $53,100,000
UNITS: 220 ~ PPU: $241,364
NOTE: FCP has purchased the Avana Cypress Creek Apartments in North Lauderdale for $53.1 million from Eaton Vance. The 220-unit complex was acquired through FCP's Fund V, with FCP taking over the seller's $29.9 million Fannie Mae loan.View on map
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Address1700 South State Road 7
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