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 the project

Time Equities plans apartments, retail on former office site in West Palm

From left: Bastian Laggerbauer and Harry Blyden, with 5400 South University Drive

Argentine investor pays $11M for Davie office complex

Shorecrest Club Apartments

CBRE fund pays $132M for Shorecrest Club Apartments in Miami

Arnaud Karsenti, Michael Adler and the Link at Douglas

Douglas Station project scores $99M loan for second tower

Rendering of Soleste Twenty2 and Robert Suris

Estate Companies completes 338-unit West Miami project

A rendering of Society Las Olas (Credit: Facebook)

16K apartments to be delivered in South Florida this year: report

Brian Gordon and Gio Midtown

Magellan launches leasing of Midtown Miami apartment tower

Masoud Shojaee and 3650 Bird Road (Credit: Google Maps)

Shoma plans two-tower rental project near Coral Gables