PEMBROKE PINES, FL-In what marks South Florida’s largestmultifamily sale in three years, CB Richard Ellis Investors hasacquired The Resort at Pembroke Pines for $193.5 million. The1,520-unit garden-style apartment is about 94% occupied.

|

CB bought the property, which is about 20 miles from both FortLauderdale and Miami, from a partnership between Chicago-basedinvestment and management firm Heitman and the California StateTeachers Retirement System. The partnership has held themultifamily investment since 2005.

|

Greg Engler, president of Alpharetta, GA-based Engler FinancialGroup, represented the sellers in the transaction. Engler declinedto comment on the terms of the transaction. Neither Heitman nor theCalifornia State Teachers Retirement System was immediatelyavailable for comment.

|

“We got an attractive discount to replacement costs on thistransaction,” Stephen Gullo, director of the Multi-Housing Groupfor CB Richard Ellis Investors, tells GlobeSt.com. “The propertyhas two complete sets of amenities, which gives us flexibility tosell the property in different phases at different points intime.”

|

Specifically, the property offers both one- and two-bedroomfloor plans with washers and dryers, walk-in closets, balconies,and gourmet kitchens in all units. The property also features twocontrolled-access gated entries, two pools, four heated spas, afitness center, massage room, business center, conference room, twoplaygrounds and two sport courts.

Located at 11801 Pembroke Rd., The Resort at Pembroke Pinesunderwent a $12-million renovation that focused on the buildingexteriors and community amenities in 2007. The Pembroke Pinesmarket has historically experienced strong economic expansion andbeen one of the top markets for growth in the nation.

“Pembroke is well-located in south Broward County, an area that hasperformed well historically and we believe is poised to outperformthe market in the future,” says Steve Zaleski, managing director ofthe Multi-Housing Group for CB Richard Ellis Investors.

|

South Florida’s multifamily sector is heating up, seeing severaltransactions in the past month alone. Addison, TX-based commercialreal estate firm Behringer Harvard acquired Parrot’s LandingApartments in North Lauderdale last week. Chicago-based EquityResidential bought a 22-acre site from Huizenga Group zoned for 500multifamily units near Sawgrass Mills earlier this month. AndAcumen Real Estate Advisors paid $28.5 million for Sunset Gardensin Kendall.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.