Boardwalk Properties buys Davie apartments for $119M

PIMCO and Greystar sold the 394-unit complex for about $300K per door

Dec.December 21, 2018 05:00 PM

6220 Reese Road (Credit: iStock)

Boardwalk Properties paid $119 million for a nearly 400-unit apartment complex in Davie, about three months after it hit the market.

Pacific Investment Management Company (PIMCO) and Greystar sold Elan Maison, a 394-unit property at 6220 Reese Road, for more than $302,000 per unit. Boardwalk Properties, a Miami Beach-based company owned by the Gober family trust and Adam Walker, is renaming the property The Avenue, according to a press release.

Cushman & Wakefield’s Robert Given, Zachary Sackley, Troy Ballard and Neal Victor were listing the complex for sale without an asking price. Given cited the $306,000 per-door price of Sheridan Village in Pembroke Pines as a comparable deal.

Neil Rollnick of Hinshaw & Culbertson LLP represented the buyer in the Davie deal.

Boardwalk Properties is focusing more on multifamily properties in Broward County. In February, it paid $53 million for The Queue Apartments, a 191-unit rental community in downtown Fort Lauderdale.

The Davie property includes one-, two- and three-bedroom units, a three-story clubhouse with a gym, yoga studio and social spaces. The 15-acre community features two swimming pools, cabanas, two dog parks, an outdoor kitchen and grilling areas, an herb garden and a fire pit. Urban Resource will manage The Avenue.

Property records show Greystar affiliate GS Davie II Project Owner LLC paid about $11.5 million for the development site in 2016. The project was recently completed.

Earlier this year, Greystar sold a portfolio of more than 1,600 apartments in South Florida for an undisclosed price, including properties in Boca Raton, Boynton Beach and Davie.

Related Articles

Rendering of Bridge Point 595 and Kevin Carroll

Bridge Development nabs $60M loan for Davie industrial project

Lennar's Stuart Miller and a rendering of a Sierra Ranch home

Lennar closes on 89-acre Davie site for single-family home community

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

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

The Wynwood property and David Edelstein

W South Beach owner gobbles up more land for Wynwood resi project