Nuveen buys Coconut Creek multifamily complex for $47M

192-unit Waterview was built in 1987

Miami /
Apr.April 22, 2021 01:30 PM
Coconut Creek Apartment Homes at 3621 Hillsboro Boulevard in Coconut Creek with Nuveen CEO Jose Minaya and Bar Invest CEO Jacques Barbera (Google Maps, Nuveen. Bar Invest)

Coconut Creek Apartment Homes at 3621 Hillsboro Boulevard in Coconut Creek with Nuveen CEO Jose Minaya and Bar Invest CEO Jacques Barbera (Google Maps, Nuveen. Bar Invest)

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.






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