The Real Deal Miami

Investcorp buys Coral Springs apartment complex

New York company pays $34 million for Gables San Remo community

April 24, 2014 09:45AM

  • Print
Gables San Remo

Gables San Remo

Investcorp International Realty paid $34 million for the Gables San Remo apartment complex in Coral Springs, The Real Deal has learned.

New York-based Investcorp acquired the 180-unit complex at 3400 Coral Springs Drive on Wednesday, according to Broward County records. The company received a $22.8 million loan from MetLife for the purchase.

Gables Residential sold the complex to Investcorp. The company bought the 11.9-acre property in 1994 and constructed Gables San Remo the following year.

Monthly rents at the complex range from $1,560 to $1,645 for two-bedroom apartments and from $1,750 to $1,925 for three-bedroom units, according to Gables Residential’s website. — Eric Kalis

MENU