Lindemann sells Plantation apartments for $75M
Verona View sold for 55% more than its last sale price in 2013
Lindemann Multifamily Management sold the Verona View apartment complex in Plantation for $75 million, a 55 percent increase from its last sale price in 2013.
Lindemann sold the 293-apartment complex for $255,972 per unit to an affiliate of PGIM, records show. PGIM is the asset management arm of the life insurance company Prudential Financial.
The property at 10900 Northwest 17th Street is close to Sawgrass Mills in western Broward County.
Records show the apartments last sold for $48.5 million in 2013.
Founded by George Lindemann in 1998, Miami-based Lindemann Multifamily Management has properties in North Carolina, Florida and Tennessee.
Western Broward County is gaining more interest from developers with its close proximity to Sawgrass Mills and as a home to large corporations like Magic Leap, American Express and Motorola Solutions.
Developers are especially looking to build apartments in the area. In April, Lennar Corp. scored a $41.3 million construction loan to build a new apartment complex in Plantation near the former American Express building.
Dallas-based Trammell Crow is also planning to build eight apartment buildings with 248 units and a two-story, 10,500-square foot clubhouse at 339 North State Road 7 in Plantation.