MIAMI—An affiliate of Related Group just sold Manor in Plantation, a brand new mid-rise and townhome residential community in Plantation, FL. The Manor, LLC acquired the property from Veranda II Apartments and Veranda II Townhomes for $52 million. The sale price equates to $271 per square foot.

CBRE arranged the sale of the 197-unit, class A asset. CBRE vice chairman Robert Given led the sales team, which included Zachary Sackley, Gerard Yetming, and Neal Victor.

"This sale represents one of a string of recent multifamily sales in the Plantation submarket that demonstrates that this is the most sought-after submarket by institutional investors in all of South Florida,” Given tells GlobeSt.com. The residential asset is located at 601 Northwest 82nd Avenue.

Rents at The Manor in Plantation have been averaging at $1.99 per square foot, which Given says highlights the strength of this property and the market overall. Built in 2013, the institutional quality asset is over 90% leased.

“Built by the nationally renowned Related Group of Florida, The Manor in Plantation represents the newest era of apartments with best-in-class finishes and amenities,” says Given. “This has allowed the property to attract an affluent demographic who can absorb market rent increases. As a result, the price per square foot sets a new high watermark within Broward County for institutional multifamily communities.”

Amenities include a beach entry pool with hot tub and sunning areas, oversized clubroom with flat screen TV and WiFi loft, billiards and poker room, and private VIP dining room. There's also a business center with conference room, cinema theater with oversized seating, fitness center featuring advanced cardio equipment, free weights and circuit training machines.