Lincoln Property Co. pays $89M for Plantation apartments
Dallas, Texas-based Lincoln Property Co. has added a Broward apartment community to its portfolio for $88.6 million.
An affiliate of the multifamily developer and operator acquired the 376-unit complex, St. Tropez at Plantation, from BIT Investment Twenty-Five LLC. The seller is tied to PNC Capital Advisors, Broward County records show.
The property, at 8000 Cleary Boulevard, covers nearly 40 acres in Plantation. It was developed in 1995, according to property records, and includes a sandy beach, two pools, a gym, two tennis courts and a children’s play area. The low-rise apartments span 507,890 square feet and surround a 10-acre stocked fishing lake and fishing dock.
St. Tropez offers two and three-bedroom townhomes and villas with attached garages, patios and screened balconies. They range from 1,198 to 1,517 square feet, according to the development’s website.
Lincoln Property Company has communities in 29 states, including New York, New Jersey and California. The firm, which owns the Royal Palm Office Park in also in Plantation, financed the sale with a $50 million mortgage, according to Broward County records. Lincoln National Life Insurance is the lender.
Last month, Alliance Residential Co. closed on a development site in Plantation with a $33 million loan. Alliance plans to build a 250-unit garden-style community on the 12-acre property, at 6901 West Sunrise Boulevard.