The Real Deal Miami

Advenir buys apartment complex in Coconut Creek

The $64.5M trade breaks down to about $179,167 per unit
By Amanda Rabines | October 10, 2017 06:15PM

4142 Cocoplum Circle Advenir’s David Vecchitto

Advenir, an Aventura-based real estate investment firm, just paid $64.5 million for the Crown Pointe apartments in Coconut Creek, property records show.

Advenir purchased the 360-unit apartment complex at 4142 Cocoplum Circle for about $179,167 per unit. Records show Star Pointe & Crown Pointe Newco LLC, an affiliate of Atlanta-based Wood Partners, sold the complex.

The buyer also scored a $52.32 million loan through Freddie Mac. The lender was Berkadia Commercial Mortgage, records show.

Built in 1986, Crown Pointe offers one-, two- and three-bedroom apartments with monthly rents ranging from $1,234 to $1,774, according to Apartments.com. Features include a clubhouse, a fitness center and two pools.

Rent growth in South Florida is predicted to slow as the region’s occupancy rate dips. South Florida’s apartment occupancy rate averaged 94.8 percent, down slightly from the previous quarter, according to Berkadia’s second quarter report. This year alone, nearly 13,500 new apartments will be delivered in South Florida, marking the fifth most active city in the country for multifamily construction, according to a report from RentCafe.

Multifamily properties in Broward County have been trading at a fast clip in recent months. In August, a company managed by TIAA-CREF paid $45.3 million for a 268-unit apartment complex in Coconut Creek.

Wood Partners, a multifamily development and management firm, also owns Harbor Park Apartments, a 310-unit development near Port Everglades in Fort Lauderdale, and Midtown 8, a 28-story, 387-unit building in Miami’s Midtown neighborhood.