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Grand Peaks Properties sells the Gardens at Nova for $30M

Robbins Property Associates bought the property for $216,428 per unit
July 31, 2019 03:30PM

Grand Peaks Properties CEO Luke Simpson and the Gardens at Nova at 6857 College Court

Grand Peaks Properties CEO Luke Simpson and the Gardens at Nova at 6857 College Court

Grand Peaks Properties sold the Gardens at Nova, a 140-unit apartment complex in Davie, for $30.3 million.

Robbins Property Associates bought the property at 6857 College Court for $216,428 per unit, records show. The Gardens at Nova consists of 16 garden-style residential buildings housing two-bedroom, two-bath units averaging 1,173 square feet, and a clubhouse/leasing office, according to a press release from JLL.

JLL’s Maurice Habif, Simon Banke and Victor Garcia represented Denver-based Grand Peaks Properties in the deal. The property last sold for $24.4 million in 2018, records show. Jaret Turkell, previously with HFF, which was recently acquired by JLL, also worked on the deal.

Demand for multifamily properties in western Broward County is increasing as more people move to the suburbs due to rising housing prices in Miami and Fort Lauderdale.

The complex spans 9 acres across the street from the 545-acre South Florida Education Center, which includes Nova Southeastern University, Florida Atlantic University – Davie Campus, Broward College, University of Florida – Fort Lauderdale Research and Education Center and McFatter Technical College and High School.

Last year, Grand Peaks Properties paid $21.4 million for a 252-unit affordable senior living facility at 2210 North Australian Avenue in West Palm Beach.

Robbins Property Associates is based in Newton, Massachusetts, and owns apartment communities in Florida and Maryland. In June, the company bought the 192-unit Heron Pointe Apartments at 10010 Boynton Place Circle in Boynton Beach from a company tied to motivational speaker Grant Cardone.