Praedium Group Snags 312-Unit MF Property in Plantation

New York City-based national real estate investment firm Praedium Group has acquired Gatehouse on the Green, a 312-unit multifamily community in Plantation. The sales price and seller were undisclosed.

Built in 1991, the community will undergo a modernization enhancement program including upgrading common areas, landscaping and unit interiors. The multifamily community is comprised of 140 one-bedroom, 114 two-bedroom and 58 three-bedroom units. Amenities include two swimming pools, an outdoor grilling area, fitness center with indoor racquetball court, outdoor tennis courts, clubhouse with billiards, car wash area, fitness center and children’s playground.

“We are excited to add this asset to our portfolio,” said Lindsay Schuckman, vice president at Praedium. “Gatehouse on the Green provided an opportunity to acquire a quality property with potential to modernize through our hands-on asset management approach and planned capital enhancements. The property’s central location surrounded by high-paying employment drivers, expansive amenities and attractive setting overlooking a lake and golf course, make it one of the premier residential complexes in the region.”

Charles Foschini and Chris Apone of Berkadia’s Miami office secured $47.78 million in acquisition financing through Fannie Mae for The Praedium Group to acquire the property. Terms of the financing included a seven-year, fixed-rate loan, with five years of interest-only payments at a 65 percent LTV.

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