FORT LAUDERDALE, FL—Cypress Club at Woodmont, a 164-unit luxury multifamily complex in Tamarac, FL, has traded for $17.4 million. The sales price equals $97 per square foot, $106,097 per unit and a 5.48% cap rate.

Tal Frydman, vice president of investments, along with senior associates Daniel Cunningham and Derek Gibbs, all in the Fort Lauderdale office of Marcus & Millichap, represented the seller. The seller was a private investment group based in both New York and Florida. The buyer is a private investment group with offices in Connecticut, New York, and Florida.

“During the course of our marketing campaign we registered 110 confidentiality agreements and conducted 29 tours,” says Frydman. “The buyer secured the transaction by putting up hard money at the signing of the contract. This provided the selling group with confidence in the buyer and we closed within 60 days. The new owner is planning to renovate all of the units and take advantage of the strong rental market to increase rents.”

Built in 1989 on 10.6 acres, the multifamily property is a gated community located in front of the Woodmont Country Club at 8161 University Drive in Tamarac. Cypress Club at Woodmont's apartments average 1,052 square feet and all are being operated as rentals, although 13 of the 164 units were condo converted. All units have central air conditioning, walk-in closets and balconies with storage space.