The Real Deal Miami

Priderock pays $98M for Florida rental complexes

Portfolio includes apartment communities in Sunrise and Tampa
By Amanda Rabines | October 04, 2018 12:38PM

Waters Edge Apartments and Priderock’s George Banks and Fairfield’s Greg Pinkalla

Priderock Capital Partners just paid $98 million for two apartment complexes in Florida, including one in Sunrise.

Property records show West Palm Beach-based Priderock bought Waters Edge Apartments, a 316-unit rental community at 10901 Northwest 40th Street in Sunrise. The second property, Arbor Walk, is at 4121 East Busch Boulevard in Tampa and features 230 units.

San Diego-based Fairfield Residential is the seller. In total, the portfolio deal features 546 apartments, meaning the trade breaks down to about $180,000 per unit. Records show Priderock financed the deal with a $67 million Freddie Mac loan from KeyBank Real Estate Capital.

Waters Edge Apartments was completed in 1986 on a 22-acre lot adjacent to a lake. Amenities at the complex include access to a community fitness center, pool, playground and tennis court.

Built in 2007, Arbor Walk was renovated in 2014, according to Apartments.com.

Fairfield Residential has been busy selling off its collection of apartment complexes. Last year, it sold a Delray Beach rental community for $102.5 million. The real estate company is also in the midst of developing a six-story apartment building with 327 rental units and ground-floor commercial space in Pompano Beach.

Priderock, managed by George Banks and David Khoury, has also been active in Florida. In July, it sold a 206-unit apartment complex near Lake Worth to RAIA Capital Management for $44.4 million . In April 2017, it bought West Isle Club Apartments in Key West for $56.8 million.