Bainbridge, Rockwood Sell Coconut Creek Multifamily For 42% Gain: The South Florida Deal Sheet
The Bainbridge Cos. and Rockwood Capital sold off a Broward County apartment complex for nearly $100M, a 42% increase from when they bought it in 2022.
Wellington-based Bainbridge and San Francisco-based Rockwood sold the 270-unit Solaire at Coconut Creek for $98M to AvalonBay Communities, according to property records provided by Vizzda.
Bainbridge and Rockwood purchased the complex at 5401 Wiles Road in 2022 for $69M from Clarion Partners. Arlington, Virginia-based REIT AvalonBay has renamed the complex of a dozen three-story buildings Avalon Coconut Creek.
The 318K SF complex has a playground, a pool and a gym, and it was built in 2013 with one-, two- and three-bedroom apartments that range between 740 SF and 1,420 SF.
SALES
Emerald Group and Infinite Care purchased two senior care facilities in South Florida for $29M from NuVisions Management, according to property records provided by Vizzda.
The portfolio purchase of Tamarac Rehabilitation and Health Center and Pinecrest Rehabilitation Center was funded by a cross-collateralized loan of $46M from Valley Bank.
Tamarac Rehabilitation and Health Center at 7901 NW 88th Ave. is a 120-bed nursing home that Emerald and Infinite Care bought for $18.9M. The 38K SF facility was built on nearly 4 acres in 1979.
The 30K SF, 100-bed Pinecrest Rehabilitation Center was built in 1967 on just more than 3 acres at 13650 NE Third Court in North Miami.
FINANCING
Miami-based Meta Development landed a $28M construction loan from Los Angeles-based Arixa Capital for a Coconut Grove boutique residential development, according to a release.
The Opus is a 12-unit, two-penthouse condo building scheduled to deliver in 2027. Half of the units are already sold, with prices starting at $2.8M for a 1,900 SF condo. Residents have access to a gym, pool and lounge, a spa, private business suites and a children’s center.
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Deutsche Bank's CMBS platform provided a $43M loan to MHCommercial Real Estate Fund and Waterfall Asset Management to refinance an office building in Palm Beach Gardens, according to a release.
The five-year loan will refinance the debt tied to the 243K SF Oakbrook Center, formerly Golden Bear Plaza, at 11760, 11770 and 11780 U.S. Highway 1. The joint venture acquired the office, which was built in 1985, in 2020 for nearly $50M.
A Northmarq team of David Gahagan and Chandler Kaye arranged the financing on behalf of the borrowers.
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Clearline Real Estate and American Landmark Apartments secured a $65.3M construction loan from Bank OZK for 2000 Wynwood, the South Florida Business Journal reported.
The partnership also broke ground on the 12-story mixed-use development, according to a release.
The 380K SF project is set to hold 310 residential units with an art studio, fitness center, coworking and conference space. The development also features 12K SF of retail on the ground floor and 308 parking spaces.
The developers tapped Shawmut Design and Construction as the construction management firm for the project. The design team includes architecture firm Leo A Daly, Langan Engineering and landscape architect firm Naturalficial.
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Meridian Real Estate Group LLC, led by Grupo T&C, secured a $10M bridge refinancing loan for the under-construction 57-story Edge House Residences in Edgewater, according to a release.
The financing was provided by Winston Capital, led by David Burstyn, and Vaster, managed by Zack Simkins.
The developers broke ground on Edge House at 1837 NE Fourth Ave. in March. The loan will fund predevelopment and entitlement for the project, which will feature 592 fully furnished, short-term-rental-friendly residences across 870K SF. Units are priced around $500K up to nearly $1.9M.
LEASES
Equinox is opening its first Broward County location at the base of the 54-story Ombelle Fort Lauderdale condo project.
The upscale fitness chain leased 35K SF on the first two floors of the project, developed by Dependable Equities, according to a release. Residents of Ombelle will have a complimentary one-year membership and unlimited access to Equinox’s classes.
Brooklyn-based Dependable Equities, led by Isaac Schlesinger and Simon Dushinsky, plans to break ground on the 775-unit condo building at 300 NE Third Ave. by the end of the year. The developer plans more than 100K SF of amenities, including coworking lounges, pickleball courts, cold plunges, yoga lawns, podcast studios and private meeting rooms.
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DUS Padel signed a 26,500 SF lease at 2031 Okeechobee Blvd. in West Palm Beach, according to a release.
The padel facility is scheduled to open in 2026 with open play courts and instructional clinics as well as a recovery lounge with cold plunges, saunas and showers. The space, replacing the bankrupt furniture chain American Freight, will also have a café and shop with equipment, apparel and accessories.
Stream Realty Partners brokers John Winter, Jason Warren and Alec Solomon represented DUS Padel. The undisclosed landlord was represented by Southeast Retail Advisors Inc.’s Lindsey Morriss Meyers.
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Atlantic Village Phase 3, developed by Grupo Eco, has landed three new tenants, bringing the dining and entertainment to 80% leased, the South Florida Business Journal reported.
The Wagyu House, Murano by Ferraro and Tee Box Golf combined to lease 10K SF at 601 to 801 N. Federal Highway in Hallandale Beach.
The two restaurants are set to open next month, with Wagyu House signed on for 2,680 SF and featuring the Meat N' Bone butcher shop. Murano by Ferraro, an Italian restaurant, signed on for 2,600 SF.
Tee Box Golf is an indoor golf simulator that signed on for 5,260 SF and plans to open at the beginning of 2026.
Grupo Eco’s Daniel Chaberman represented Grupo in the deals. ZYX Capital’s Jacob Gale represented Tee Box Golf.
PEOPLE
Miami Beach-based United Capital has named Adam Lipkin as managing director of capital markets, according to a press release.
Lipkin will oversee capital solutions for the company’s portfolio, which consists of retail, mixed-use, medical office and healthcare across Florida and third-party clients. He previously served as vice president with Greystone Capital Advisors between 2021 and 2025.
He also founded The C-Pace Guy in 2017, which provides real estate investors and developers with financing solutions.
