Waterton, a Chicago-based investor, paid US$80.5 million for a multifamily property in Pembroke Pines, Florida. The company announced this itself. The transaction, arranged by Walker & Dunlop, corresponds to a price of just under US$225,000 per dwelling unit.
The acquired property is the garden community 'Landings at Pembroke Lakes' with 358 residential units. The property is located at 10650 Washington Street, approximately 1.6 kilometres north of Pembroke Road and the neighbouring city of Miramar. The apartments were built around a lake covering roughly 18 hectares.
Casey Mog, Vice President of Acquisitions at Waterton, commented on the strategic importance of this acquisition: "The Landings at Pembroke Lakes is excellently positioned to offer tenants a more accessible option in the Fort Lauderdale and Miami area."
The seller was Bar Invest, which had acquired the approximately 11-hectare property in 2021 for US$79.5 million, as reported by the South Florida Business Journal. It should be noted that at the time of reporting, no land registry entry regarding the current sale had yet been made.
Waterton plans to extensively renovate the property, which was built in 1989. Details on the financing of the acquisition and the current occupancy rate were not communicated by the buyer. Through this acquisition, Waterton's portfolio in the region increases to a total of 1,450 units.
- —One Plantation: 321 units, acquired for US$88.3 million in 2023.
- —Verona at Boynton Beach: 216 units, acquired for US$80 million in 2022.
A representative of the seller was not available for comment.
