Town City Center, a Class-AA apartment community in Pembroke Pines, a suburb of Fort Lauderdale, has sold for $87M. The project was built in 2016.
Walker & Dunlop represented both The Related Group, the seller, and Rockpoint Group, which purchased the asset.
"Investing in the suburbs generally provides a slightly higher yield," Walker & Dunlop Senior Vice President Roberto Pesant said. "In South Florida, this higher yield comes with a similar risk profile, due to land constraints."
Town City Center is part of the master planned Pembroke Pines City Center development. Pesant said the area is attractive because of its access to all of South Florida via nearby Interstate 75 and the Florida Turnpike, proximity to multiple office submarkets and 20 A-rated schools. Nearby amenities include upscale shopping centers and golf courses.
“This transaction exemplifies strong investor demand for well-located, stabilized core assets across the South Florida multifamily market," Pesant said. "Town City Center will prove to be prime investment property for Rockpoint.”
The 365-unit, garden-style property offers studios and one-, two- and three-bedroom apartments, as well as two-bedroom townhouses with attached garage entry. They rent for $1,445 to $2,410 per month.
There is a fitness studio on-site, as well as a pool, cabanas, a private waterside dock, a private screening room and tennis courts on 11 acres.
Walker & Dunlop is headquartered in Bethesda, Maryland. In 2016, the team completed over $500M in sales in the South Florida region.
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