Lloyd Jones pays $56M for Pembroke Pines apartment complex

The Miami-based real estate development firm bought the Ventura Point apartments for $270K per unit

Oct.October 03, 2019 10:30 AM
Lloyd Jones’ CEO Chris Finlay with Ventura Pointe

Lloyd Jones’ CEO Chris Finlay with Ventura Pointe

UPDATED, Oct. 8, 11:17 a.m.: Lloyd Jones bought a 206-unit apartment complex in Pembroke Pines for $55.6 million, amid growing demand for multifamily projects in Broward County.

The Miami-based firm bought the Ventura Point apartment complex at 7850 Pasadena Boulevard for about $270,000 per unit from Eastwind Development, according to a release. MetLife provided a five-year, full-term interest loan for $36.1 million. Berkadia’s Charles Fochini and Christopher Apone arranged the financing. Robert Given, Troy Ballard, Zachary Sackley and Neal Victor of Cushman & Wakefield brokered the sale.

The building totals 256,480 square feet, records show. The apartment community was built in 2018 and includes a gym, clubhouse, pool, pet park and an outdoor recreation area. It is next to Memorial Hospital Pembroke.

In April 2016, Eastwind Development paid $6.3 million for the property before building the apartments, records show.

Lloyd Jones is a real estate investment, development, and management firm that focuses on multifamily and senior housing in Florida, Texas, and other parts of the Southeast. Its projects are valued at about $750 million and include the 119-unit Shamrock of Sunrise apartment complex in Sunrise, according to its website.

Pembroke Pines is becoming a more attractive destination for multifamily investors.

In August, NexPoint Residential announced it would pay $322 million for a 1,520-unit multifamily property in Pembroke Pines, marking one of the largest multifamily sales this year.

The deals signal strong demand for multifamily properties in the suburbs of South Florida. As rents and home prices continue rising in urban core markets like Miami and Fort Lauderdale, more people are moving outside the urban core.

Correction: A previous version of this story incorrectly stated the price per unit of the property.

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