A townhome project in Davie sold for $5.95 million, as investor interest rises in the Broward County suburbs.
Fort Lauderdale-based Rental Asset Management LLC bought the 26-unit complex known as Oak Landing & Town Square townhomes at 4002-4082 Oak Landing Drive for $228,846 per unit, records show. Casa Facil International Two LLC, managed by Rafael Fernandez, sold the property.
Marcus & Millichap’s Joseph P. Thomas, Adam G. Duncan and Alec Demetriou represented the seller in the deal.
Oak Landing and Town Square townhouses were built in 2011 and 2013. The buildings consist of five two-story buildings.
The buyer is planning to update the property to raise rents by about $100 per month, Thomas said. Current monthly rents start at $1,400, according to RentCafe,
Davie and the nearby Broward suburbs of Pembroke Pines and Plantation have seen an explosion of interest from institutions, as renters seek Class A apartments at cheaper prices than in Fort Lauderdale and Miami.
In December 2018, Boardwalk Properties paid $119 million for a nearly 400-unit apartment complex at 6220 Reese Road in Davie, three months after it hit the market. In nearby Pembroke Pines, NexPoint Residential paid $322 million for a 1,520-unit multifamily property in September, marking the largest multifamily sale of 2019.
New multifamily projects are popping up across Broward County. Over 3,700 units
were delivered in 2019, with another 10,000 units under construction, according to a recent report from CBRE.