The Real Deal Miami

Pennsylvania firm buys Deerfield Beach apartments for $37M

200-unit complex sold for $182,500 per apartment

August 29, 2016 09:45AM
By Katherine Kallergis

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Quiet Waters at Coquina Lakes. Inset: Jessica Scully

Quiet Waters at Coquina Lakes. Inset: Jessica Scully, president of the Scully Company

Fairfield Residential has sold a Deerfield Beach apartment community to the Scully Company for $36.5 million.

Records show Scully, a Jenkintown, Pennsylvania-based apartment developer, investor and property manager, bought the Quiet Waters at Coquina Lakes Apartments. The 200-unit complex, built in 1996, sold for $182,500 per apartment.

Quiet Waters, at 11 Northwest 45th Avenue, sits on 11 acres near the western border of Deerfield Beach. Fairfield acquired the property in 2013 for $27.8 million, or about $139,000 per unit.

Amenities include a swimming pool and sundeck, 24-hour gym, clubhouse and club room for social events. The Scully Company also owns apartment communities in New Jersey, Pennsylvania and Connecticut.

The company financed the deal with a $29.2 million mortgage from Berkadia. Apartments at the Deerfield Beach complex range from 764-square-foot one-bedrooms to 1,431-square-foot three-bedrooms, according to Scully’s website.

Deerfield Beach, which borders the Palm Beach County line to the north, has seen significant commercial and residential growth over the past two years, including new luxury condos, restaurants, retail and hotel rooms. From 2014 to 2015, average residential rents increased in Deerfield Beach by 22 percent for a one-bedroom to about $1,400 and by 25 percent for a two-bedrooom to $1,875.

And the multifamily market continues to show its strength in South Florida. From January to June, investors and developers traded more than $4 billion of apartments in the tri-county region, with the majority of deals struck in Fort Lauderdale, West Palm Beach and Miami.