Boardwalk Properties buys Davie apartments for $119M

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

Miami /
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

arrow_forward_ios
The Buena Vista Gardens in Little Haiti (Apartments.com)
Bowery Properties buys Little Haiti apartment portfolio for $12M
Bowery Properties buys Little Haiti apartment portfolio for $12M
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
Walton Street Capital buys Boynton Beach apartments for $93M
Walton Street Capital buys Boynton Beach apartments for $93M
Davie student housing complex scores $62M refi, construction loan
Davie student housing complex scores $62M refi, construction loan
Davie student housing complex scores $62M refi, construction loan
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Avery Pompano Beach apartments with Yaakov Frankforter of Frankforter Group (LinkedIn via Frankforter, Avery Pompano Beach)
Frankforter Group buys Pompano Beach apartments for $43M
Frankforter Group buys Pompano Beach apartments for $43M
arrow_forward_ios

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

Loading...