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

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

Miami /
Jun.June 15, 2017 11:30 AM

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

arrow_forward_ios
Hyperion Group CEO Rob Vecsler, Starwood Capital CEO Barry Sternlicht and a rendering of 350 South Australian Avenue (M18 PR, Wikimedia)
Starwood acquires stake in West Palm Beach development site
Starwood acquires stake in West Palm Beach development site
Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
Nuveen Real Estate CEO Mike Sales and LaVida apartments (Eileen Escarda)
Nuveen pays $98M for Blue Lagoon apartment complex in Miami
Nuveen pays $98M for Blue Lagoon apartment complex in Miami
West Palm Beach workforce housing advances with $53M construction loan
Downtown West Palm Beach workforce housing project scores $53M construction loan
Downtown West Palm Beach workforce housing project scores $53M construction loan
ARI Financial Group CEO buys Hialeah multifamily-retail portfolio for $42M
ARI Financial Group CEO buys Hialeah multifamily-retail portfolio for $42M
ARI Financial Group CEO buys Hialeah multifamily-retail portfolio for $42M
Abacus Capital Partners pays $125M for Plantation apartments
Abacus Capital Partners pays $125M for Plantation apartments
Abacus Capital Partners pays $125M for Plantation apartments
Blackstone chair, CEO and co-founder Stephen Schwarzman and RangeWater Real Estate CEO Steven Shores with the complex (Getty, LinkedIn via Shores, One Boynton)
Blackstone buys Boynton Beach apartment complex for $171M
Blackstone buys Boynton Beach apartment complex for $171M
The site of Alexan Miramar (Google Maps)
Trammell Crow Residential wins approval for 250-unit multifamily project in Miramar
Trammell Crow Residential wins approval for 250-unit multifamily project in Miramar
arrow_forward_ios

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

Loading...