American Landmark buys Plantation apartments for $58M
Property will be rebranded as The Pearl
American Landmark Apartments bought The Marin by Arium for $58 million, with plans for renovations that include rebranding the complex as The Pearl.
Tampa-based American Landmark, through an affiliate, purchased the 223-unit community at 3880-3960 West Broward Boulevard from CPI/Carroll Grove East Owner, which is an affiliate of Atlanta-based Carroll, according to a deed. The sale equates to $260,090 per unit.
The garden-style complex totals 262,844 square feet on 10.8 acres. It was built in 2008, records show. The property also includes 14,000 square feet of retail space.
Carroll, a real estate investor and manager, led by founder M. Patrick Carroll, bought the complex in 2017 for $44.6 million, a deed shows.
Carroll had renovated the pool deck, gym and playground, as well as the units with stainless steel appliances, fresh paint and faux wood plank flooring, according to a press release.
American Landmark, led by Joe Lubeck, in its own release said it plans an additional $1.7 million in capital improvements to the units and amenities. It will renovate the appliances, cabinets, tile backsplash and quartz countertops, and will add USB outlets and electronic smart locks. American Landmark also will upgrade the clubhouse, landscaping, gym, pool furniture, pet wash station and dog park.
American Landmark, a multifamily owner-operator, has a portfolio of 32,000 units across the South and Texas, according to its website. The Plantation complex is its 27th in Florida and 10th in South Florida, according to the release.
In 2019, American Landmark and its equity partner Electra America closed on a $462 million multifamily fund for 37 multifamily assets with 12,600 units in the Southeast. The fund came on the heels of American Landmark buying the 448-unit Cielo Boca in Boca Raton for $91.5 million.
Several multifamily projects in Broward County have traded over the past month, and even more are scoring construction financing. Landmark Cos. bought Coral Falls Apartment Homes in Coral Springs for $40.2 million; and Stiles Corp. and PGIM Real Estate bought a Plantation multifamily site for $5.4 million and scored a $64.2 million construction loan for the 315-unit project.