Nuveen buys Coconut Creek multifamily complex for $47M
192-unit Waterview was built in 1987
An affiliate of global investment manager Nuveen bought a Coconut Creek multifamily complex for $46.5 million.
CVIII Waterview Apt Holdings bought the 192-unit Waterview at 3621 Hillsboro Boulevard from Coral Gables-based Bar Invest Group, according to a deed. The buyer has the same New York address as Nuveen and lists several Nuveen executives as authorized representatives, state corporate records show.
The deal equates to $242,187 a unit.
Bar Invest Group bought Waterview in 2017 for $37 million, records show.
Chicago-based Nuveen, led by Jose Minaya, is an asset manager and subsidiary of New York-based financial services provider TIAA, which manages funds for academic, research, medical, cultural and governmental institutions. Nuveen had $1.2 trillion of assets under management as of September, according to its website.
Bar Invest Group, led by Jacques Barbera, is a real estate developer, investor and manager, according to its website. In 2019, the company paid $59 million for a 405-unit apartment complex in Lauderhill.
Property records show the garden-style Waterview was built in 1987 on 4.7 acres. It includes a swimming pool and sits along a lake.
Nuveen has been expanding its South Florida multifamily portfolio. Last year, it bought the 315-unit Broadstone City Center in downtown West Palm Beach for $103.5 million.
Overall, the South Florida multifamily market is experiencing a resurgence after a hiatus at the start of the pandemic, as both sales and construction financing are picking up.
Among the biggest deals recently, New York-based Sentinel Real Estate purchased a 452-unit portfolio in Miami Beach and Bay Harbor Islands for $96.6 million.