TIAA-CREF affiliate pays $93M for Plantation apartment complex

Rents ranged from about $1,300 to $2,100 a month

Jun.June 15, 2017 11:30 AM

Laurels at Jacaranda

The Los Angeles County Employees Retirement Association just sold a Plantation apartment complex for $93 million, or nearly $200,000 per unit, to a company managed by TIAA-CREF.

Property records show Gateway Windsor Inc., a California company controlled by the retirement association and managed by Deutsche Asset & Wealth Management’s RREEF America, sold the Laurels at Jacaranda to TRPF Laurels at Jacaranda LLC. The buyer financed the deal with a $36 million mortgage from Fannie Mae.

The 468-unit property at 9733 Northwest Seventh Circle marks yet another sale of a large-scale apartment complex in South Florida. The pace and volume of multifamily investment deals has picked up during the second quarter of this year. Recent deals include the $158.5 million sale of a Pembroke Pines complex, which equates to about $230,000 per unit; and the $68.2 million sale of an older Coral Springs community, which broke down to about $170,000 per apartment.

The Plantation complex was built in 1990 on 32 acres north of I-595. It features a clubhouse, fitness center, tennis courts and pavilion, basketball court, swimming pools and more. The development last sold for $14.3 million in 1999, according to property records.

Orlando-based ZRS Management took over leasing at the Laurels at Jacaranda from Greystar, a leasing agent said. Rents typically range from about $1,300 a month for a studio to up to $2,100 a month for a three-bedroom unit, but are being adjusted under the new ownership. Asking rents in Broward have risen 23 percent over the last four years, according to a CBRE report.

TIAA-CREF, short for Teachers Insurance and Annuity Association, is a large pension fund investing for academics, researchers, government workers and others. In Broward, its portfolio includes a Coconut Creek apartment complex and the Manor at Flagler Village.

Related Articles

From left: Stuart Elliott, Jerome Hollo, Michael Shvo, Laurent Morali and Lissette Calderon

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

IMC Equity Group CEO Yoram Izhak, and 1800 Northwest 66 Avenue (Credit: Google Maps)

IMC Equity Group snags industrial buildings in Plantation for $11M

The Mile, Robert Given and Troy Ballard

Greystar looks to sell luxury rental building The Mile near Coral Gables

Grant Cardone and 10X Living at Sawgrass

Motivational speaker Grant Cardone raises $50M for multifamily fund via crowdfunding

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

6600 Northwest 14 Street (Credit: Google Maps, iStock)

Mindful Management makes conscious Plantation purchase

Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy 

Beraja family picks up Little Havana apartments

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M