Pembroke Pines Rental Asset Trades for $80.5M
Waterton Residential acquired The Landings at Pembroke Lakes Apartments in Pembroke Pines for $80.5 million. The seller was Bar Invest Group. The S. Florida Business Journal reports the property last traded in 2021 for $79.5 million. The 358-unit multifamily community traded for nearly $225,000 a unit.
The apartment complex totals 282,107 square feet and was built on the 26.6-acre site along a lake in 1989. Amenities include a pool, a clubhouse and tennis courts.
Units in the Landings at Pembroke Lakes range from 486 to 1,046 square feet and rent from $1,876 to $2,736.
On its webpage, Waterton says it focuses on U.S. multifamily and hospitality properties, particularly value-add opportunities.
Despite the narrow profit on the sale, Miami Realtors says S. Florida Institutional apartment buildings are still trading at a premium. Fort Lauderdale recently ranked No. 1 among 30 major U.S. markets for multifamily investment profitability, boasting cap rates around 6.3%.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout