X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PLANTATION, FL-The AFL-CIO Building Investment Trust has acquired St. Tropez at Plantation, a local 376-unit luxury apartment community. The project was 97% leased at the time of the acquisition. Although the sales price was not disclosed due to confidentiality agreements, area brokers estimate the value of the sale to be approximately $45 million.

The apartment community was developed in 1995 by Gables Residential, a Boca Raton-based developer, builder, owner and manager of luxury multifamily communities. Greystar Capital Partners was adviser to the seller in the transaction.

The apartment community has Spanish barrel tile roofs. Amenities include an exercise facility, two tennis courts, two pools, and a washer and dryer in every floor plan. In addition, 90% of the townhouse-style apartments have remote-controlled, direct-access garages.

The property has key frontage on University Drive, a major north-south thoroughfare in the county. The city is an affluent submarket of Broward County and the property is eight miles west of downtown Fort Lauderdale.

Legg Mason Real Estate Services closed the equity investment for the AFL-CIO Building Investment Trust. E. Douglas Wilberding, associate director of acquisitions, and Kathleen M. Hands, managing director for Legg Mason Real Estate Services’ Investment Advisory Group, advised Mercantile-Safe Deposit & Trust Co., acting as trustee of the Building Investment Trust in the deal.

“We are delighted to have supported the AFL-CIO Building Investment Trust in the acquisition of this luxury multifamily project and anticipate it to outperform our expectations,” says Wilberding of Legg Mason Real Estate Services.

Greystar Capital Partners had retained CB Richard Ellis Multihousing Group’s South Florida team to market the apartment community.

“St. Tropez represents an opportunity to acquire a premier seasoned core asset in the epicenter of one of Broward County’s most stable residential subdivisions,” Jay H. Massirman, a senior vice president with the CBRE Institutional Group, said in February, when the company announced its exclusive marketing deal for the property.

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

Once you are an ALM digital member, you’ll receive:

  • 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.