The Real Deal Miami

Invesco sells Plantation apartments, townhomes for $123M

Grand Peaks financed the sale with a $74.4 million mortgage

January 11, 2016 09:45AM
By Katherine Kallergis

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Solero at Plantation

Solero at Plantation

A multifamily property manager and developer has added a Plantation complex to its portfolio for $122.7 million, marking the first sale exceeding $100 million this year in South Florida. 

Broward County records show that Invesco sold the Solero at Plantation development to Grand Peaks Properties on Jan. 7. The 481-unit community, which includes apartments and townhomes, sold for about $255,000 per unit.

Solero, at 13500 Northwest Third Street, was completed in 2010. The property, which sits on 44.6 acres, was recently renovated to include granite counters, white cabinets, stainless steel appliances and wood-style flooring. Amenities include a clubhouse, two resort-style swimming pools, a fitness center, business center and a pet-friendly “Bark Park,” according to Grand Peaks. The firm also manages developments in Colorado, Oregon, Texas and Washington.

A Grand Peaks affiliate financed the sale with a $74.4 million mortgage. Prudential Insurance Co. is the lender.

According to Broward County property records, the seller paid $104.7 million for Solero in 2010. Invesco’s Paul Michaels signed the deed transfer of ownership for last week’s sale, records show. Michaels is managing director and director of North America Direct Real Estate at Invesco.

The complex borders 136th Avenue, which is across the street from Ikea Sunrise, as well as 1-595. In November, Lincoln Property Co. paid $89 million for St. Tropez at Plantation, a 376-unit multifamily complex at 8000 Cleary Boulevard.