The Real Deal Miami

Boardwalk Properties buys Davie apartments for $119M

PIMCO and Greystar sold the 394-unit complex for about $300K per door
By Katherine Kallergis | December 21, 2018 05:00PM

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.