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RREEF buys Pembroke Pines apartments for $121M

Deal breaks down to roughly $330K per unit

Marela Apartments in Pembroke Pines (Marela)
Marela Apartments in Pembroke Pines (Marela)

RREEF Management bought the Marela Apartments in Pembroke Pines for $121.3 million.

Records show RREEF, through an affiliate, bought the property at 250 Northwest 130th Avenue from an entity in the care of Brookfield Property Group.

The deal for the 368-unit property equates to $329,484 per unit.

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Marela, built in the late 1990s, includes multiple buildings spanning 21 acres and includes a swimming pool, property records show. The lot traded for $4.7 million in 1995.

RREEF, part of Frankfurt, Germany-based asset manager DWS Group, invests in diversified commercial real estate, according to its website. DWS had more than $79 billion in real estate globally as of December.

The deal comes on the heels of several other apartment sales in Broward County. Among the top-dollar deals, New York-based FBE Limited bought a Lauderhill apartment complex for $94.6 million in July.

In smaller deals, Montreal-based Frankforter Group bought a Pompano Beach apartment building for $42.9 million in July, and Hollywood-based Snow Real Estate bought the Golfview Flats apartment complex in Sunrise for $15 million in August.

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