The seller of the complex is San Diego-based Fairfield Residential LLC. Kevin Judd, SVP, and Marc deBaptiste, principal of Boca Raton-based Apartment Realty Advisors, represented Fairfield in the transaction. Richard Schechter and Sheila Mead represented Bainbridge in house.
Located between the Sawgrass Expressway and Florida Turnpike, the property is about eight miles northwest of the Cypress Creek office market and 12 miles southwest of the Boca Raton office market. According to Judd, the area has developed into one of the most sought after residential areas in Broward County for families, empty nesters, baby boomers and young professionals.
This property contains only two- and three-bedroom units. "Bainbridge intends to take advantage of the significant demand for reasonably priced housing in this desirable, family-oriented market," Judd says. "Being comprised of two- and three-bedroom units, Laurel Gardens will appeal to young families, a key segment of the Coral Springs market."
Judd tells GlobeSt.com, "the original proposal called for a condo selling price of about $160 per sf," and he suggests prices in the area are changing upward. The Laurel Gardens complex consists of 16 three-story buildings along with a central clubhouse, two pools, a spa, fitness center, tennis court, basketball court and car care area.
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