Invesco sells Plantation apartments, townhomes for $123M

Grand Peaks financed the sale with a $74.4 million mortgage

Jan.January 11, 2016 09:45 AM

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.

Related Articles

George Lindemann and Verona View

Lindemann sells Plantation apartments for $75M

Kim Bokamper and 301 Northwest 127th Avenue in Plantation (Credit: Getty Images)

Former Miami Dolphin Kim Bokamper lists Plantation home

IMC Equity Group CEO Yoram Izhak, and 1800 Northwest 66 Avenue (Credit: Google Maps)

IMC Equity Group snags industrial buildings in Plantation for $11M

6600 Northwest 14 Street (Credit: Google Maps, iStock)

Mindful Management makes conscious Plantation purchase

Plantation gas explosion (Credit: Getty Images)

Open gas valve at closed pizzeria caused Plantation gas explosion: report

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

Plantation Pointe

Torburn Partners scores $50M construction loan for office building at former Motorola campus in Plantation

Plantation shopping center where an apparent gas explosion occurred on Saturday

Plantation shopping center that exploded will be demolished