Pennsylvania firm buys Deerfield Beach apartments for $37M

Miami /
Aug.August 29, 2016 09:45 AM

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.


Related Articles

arrow_forward_ios
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Aventura Mayor Enid Weisman (Facebook via Weisman, Getty)
Aventura votes to require HOAs to submit critical reports within 48 hours
Aventura votes to require HOAs to submit critical reports within 48 hours
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Ronny Finvarb and the Deerfield beach property (Google Maps)
Ronny Finvarb buys Deerfield Beach mixed-use property for $9M
Ronny Finvarb buys Deerfield Beach mixed-use property for $9M
The Lakes of Deerfield at 1100 South Military Trail in Deerfield Beach with James and Marta Batmasian (Newmark)
Batmasians buy Deerfield Beach multifamily complex for $46M
Batmasians buy Deerfield Beach multifamily complex for $46M
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
3050 Coral Springs Drive in Coral Springs; 1361 Southeast Fourth Street in Deerfield Beach and clips from the complaints. (Google Maps, District Court of Southern Florida)
SEC charges South Floridians in alleged $9M real estate scam
SEC charges South Floridians in alleged $9M real estate scam
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...