Eastwind Development is moving forward with its plan to build a new Pembroke Pines apartment community after closing a $6.3 million deal for the land it needs.
The deal includes about 9.77 acres of land east of North University Drive and south of Sheridan Street, according to an announcement about the sale from Eastwind’s brokerage ARA Newmark.
Eastwind now plans to build a Class A apartment community on the site called Ventura Pointe. Plans call for 206 apartments spread over four mid-rise buildings, with amenities including a two-story clubhouse, fitness center, business center, pool and spa area.
The multifamily builder expects to break ground in the third quarter of this year, with a completion date slated for summer 2017. Eastwind financed its purchase with a loan from Florida Community Bank, though the monetary amount was not disclosed. The deal has not yet cleared public records.
Rendering of the apartment project
ARA Newmark’s Troy Ballard and Avery Klann brokered the deal on behalf of Eastwind.
“This is a great opportunity to develop a new, high end community in a very dynamic market within Broward County” Ron Roan, vice president of development and acquisitions for Eastwind, said in the announcement. “One of the factors that we found very attractive about this site is the scarcity of undeveloped land in the area, which will limit future competition.”
Eastwind has been an active part of South Florida’s multifamily boom of recent years: the company sold two apartment communities earlier this year for a combined $66 million, and celebrated the grand opening of its newest complex in Jupiter in February. — Sean Stewart-Muniz