The Real Deal Miami

Related sells Pembroke Pines rentals to Rockpoint for $87M

Deal breaks down to about $244,000 per apartment
By Katherine Kallergis | April 25, 2017 04:10PM

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.