An apartment complex in Pembroke Pines sold to a New York-based real estate investor for $52.7 million, according to Broward County records.
A Phoenix Realty Group affiliate acquired Archstone Pembroke Landings, a 300-unit apartment complex at 10101 Southwest 101 Way, on Feb. 27.
Real estate investment trust AvalonBay Communities sold the 16.5-acre site. The company, which develops, redevelops, acquires and manages apartment communities in major east and west coast markets, bought the community in 2006 for an undisclosed amount.
The buyer, Phoenix Realty, received a $39.8 million mortgage from Jones Lang LaSalle and Freddie Mac.
Archstone Pembroke Landings, located east of I-75 and west of the Florida Turnpike, was built in 1997, according to Broward County property records. Phoenix Realty manages more than $1.35 billion in assets and nearly 10,000 apartment units across the country, according to the company’s website.