Related sells Pembroke Pines rentals to Rockpoint for $87M

Deal breaks down to about $244,000 per apartment

Apr.April 25, 2017 04:10 PM

Town at Pembroke Pines. Inset: Steve Patterson, president/CEO of Related Development

The Related Group just sold a multifamily complex in Pembroke Pines to the Rockpoint Group for $87 million. 

Related Development LLC sold the Town at Pembroke Pines, a 356-unit community at 10700 City Center Boulevard, for about $244,000 per apartment, the company said. The deal has not yet cleared public records. It’s one of four rental projects Related has sold over the past 18 months, totaling more than $377 million, according to a press release.

The Pembroke Pines complex, completed last year, has 33 units per acre in seven buildings, plus two attached garages. Amenities include cabanas and day beds, an outdoor dining area, a demonstration kitchen, game room and a private movie theater. Rents range from about $1,500 to $2,500 for one-, two- and three-bedroom apartments, a spokesperson said. The development is about 90 percent leased.

On Tuesday, Harbor Group International closed on the Montage at City Center in Pembroke Pines, a 700-unit apartment complex at 10170 Southwest Seventh Street. The $158.5 million deal breaks down to about $226,000 per unit. Rents there average $1.55 per square foot.

Commercial broker Robert Given said South Florida’s multifamily market is beginning to rebound after a slow first quarter.

Rockpoint, a private equity firm with offices in Dallas, San Francisco and Boston, owns commercial property in Brickell, South Beach, Broward and the Keys. In 2015, it paid $113.5 million for Mary Brickell Village and $30 million for a retail building on Lincoln Road. Recently, the firm bought the Aloft South Beach for $105 million, and sold a Key West apartment complex with Mast Capital for nearly $57 million. Rockpoint is also a partner on the Residences by Armani/Casa project in Sunny Isles Beach, which is being developed by Related and Dezer Development.

A number of projects are underway in Pembroke Pines, including Terra Group’s Pembroke Pines City Center, a 47-acre mixed-use project with retail, office and residential components; and the city’s $60 million civic and cultural center, which is under construction.

Related Articles

Daily Digest Miami

54-story Turnberry Ocean Club tops off, Flagler streetscape project to break ground: Daily digest

Lloyd Jones’ CEO Chris Finlay with Ventura Pointe

Lloyd Jones pays $56M for Pembroke Pines apartment complex

From left: Jon Paul Perez, Alex Karakhanian, Tony Arellano and Devlin Marinoff over the site (Credit: Google Maps)

Related Group, Alex Karakhanian and partners drop $32M on Wynwood site

Raanan Katz and 11460 Pines Boulevard (Credit: Google Maps)

Raanan Katz buys Pembroke Pines shopping center

(Credit: iStock)

Hot demand: Pembroke Pines self-storage facility sells for $13M

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

233 North Miami Avenue and Jorge Perez

Related Group picks up two lots next to Miami Dade College for $9M