Bainbridge sells Coral Springs rental complex for $71.7M

Complex traded for about $287k per unit

Mar.March 13, 2018 08:45 AM

Bainbridge Coral Springs and Richard Schechter (Credit: Bainbridge Companies)

Bainbridge Companies is cashing out on its recently completed 250-unit multifamily complex in Coral Springs.

Property records show an affiliate of the Wellington-based developer sold Bainbridge Coral Springs for $71.7 million to Morris Coral Springs Associates LLC, an entity of Morris Companies, based in New Jersey.

The complex at 10820 and 10890 West Sample Road traded hands for about $287,000 per unit. Records show Bainbridge paid $8.5 million for the 9.6-acre property in 2015, and financed construction with a $37.5 million loan from First Citizens Bank and Trust Company.

Bainbridge Coral Springs is just west of Coral Springs Drive, off West Sample Road, and sits adjacent to the Coral Springs Country Club and Golf Course.

Apartments feature one- to three-bedroom floor plans with stainless steel appliances. Amenities include a pool deck with cabanas, fitness center, clubroom, arcade, reserved garage parking, a pet friendly walking space and a courtyard with outdoor kitchen grills.

In August, Bainbridge bought a Delray Beach rental community for $102.5 million. The trade marked one of the largest investment sales in the tri-county region last year.

Records show Morris Companies financed the Coral Springs deal with a $35.3 million loan from Principal Life Insurance Co. The firm declined to comment. Morris specializes in retail and industrial development and has developed or acquired 3 million square feet of retail space in New York, New Jersey, Pennsylvania and Florida, according to its website.

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