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.
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