Blackstone buys Pinebrook Pointe apartments in Margate for $70M

IMT Residential sold the complex for 35% more since last sale in 2012

Pinebrook Pointe (Inset: Jonathan Gray)
Pinebrook Pointe (Inset: Jonathan Gray)

An affiliate of IMT Residential just sold an apartment community in Margate to the Blackstone Group for $69.9 million.

New York-based Blackstone paid $177,000 per unit for the Pinebrook Pointe rental complex at 3495 Pinewalk Drive, according to data from Real Capital Analytics. The 33-acre garden-style complex has about 20 three-story buildings, and it was about 94 percent occupied at the time of the sale.

IMT, a Sherman Oaks, California-based apartment operator, paid $51.7 million for Pinebrook Pointe in 2012, which means the company sold it for 35 percent more about five years later. ARA Newmark brokered the latest deal, according to RCA.

Pinebrook Pointe, built in 1989, features walk-in closets, washer/dryer units, balconies and vaulted ceilings. Shared amenities include a clubhouse, tennis court and pool.

The pace and volume of apartment sales have been picking back up in South Florida. Last week, an Ohio-based developer paid $26.7 million for a 104-unit apartment complex in Jupiter, and Electra America paid $61.2 million for a 424-unit complex in Kendall.

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The purchase is also another new addition to Blackstone’s portfolio. In April, the private equity firm paid $103.6 million, or about $218,000 per apartment, for the 476-unit San Merano at Mirasol apartments in Palm Beach Gardens. Blackstone has about $32.2 billion in cash reserves to invest in global real estate, IPE Real Estate reported earlier this year. And its total real estate assets under management are worth about $101.2 billion, according to Blackstone’s most recent earnings report.

IMT’s portfolio also reaches Arizona, Colorado, Georgia, Texas and California.

IMT and Blackstone could not immediately be reached for comment.

Harunobu Coryne contributed reporting.