Fairways of Carolina

MIAMI—Showing continued strong demand for multifamily assets in South Florida markets, a 408-unit portfolio with near fully occupancy has sold. ARA recently brokered the sale of Quiet Waters at Coquina Lakes in Deerfield Beach and The Fairways of Carolina in Margate.

ARA principals Avery Klann, Hampton Beebe, and Richard Donnellan represented a pension fund advisor in the sale. San Diego, CA-based Fairfield Residential, acquired the multifamily assets. The properties have been institutionally owned by the same owner for the past 12 years.

“The acquisition represents a tremendous opportunity to gain significant marketshare within the strong performing northwestern area of Broward County,” says Klann, lead advisor on the transaction. “Both garden-style apartment communities are well-positioned, offering excellent value-add opportunities, top-quality concrete block construction and stabilized long term historical occupancy.”

Built in 1995, Quiet Waters is 95% occupied. The multifamily property features 20% townhome units and is located one mile from Quiet Waters Park, a 427-acre park which includes five lakes, miniature golf, camp sites, swimming, bike trails, fishing, water skiing, and picnic areas.

The Fairways, built in 1993, is 96% occupied. The seller replaced the roof in 2006 and completed upgrades on 36 units (17%) over the last two years. Says Donnellan, “With a large average unit size of 1,037 square feet, these class A properties are in demand by families looking for a convenient location close to employment, shopping and entertainment options in Broward County.”