Westover pays $79M for Dania Beach apartment complex
American Landmark Apartments sold the property for $328K per unit
Westover Companies jumped into South Florida’s multifamily frenzy with a $78.7 million acquisition in Dania Beach just days before the end of the year.
An affiliate of Westover, a King of Prussia, Pennsylvania-based real estate firm headed by President Guntram Weissenberger, bought the 240-unit Beach Walk at Sheridan apartment complex, according to records.
Westover paid about $328,000 per unit for the multifamily project at 311 East Sheridan Street.
Beach Walk at Sheridan LP, which paid $35 million for the property in 2007, sold the property, records show. The entity is linked to Joseph Lubeck of American Landmark Apartments, a Tampa-based multifamily owner and operator that owns about 32,000 units.
The Dania Beach complex was completed in 2001.
Westover owns nearly 12,000 apartments in Philadelphia, New Jersey, Delaware, and Maryland, according to the company’s website. The firm also manages 1 million square feet of commercial and retail space in eight shopping centers and 11 office buildings in Philadelphia.
In 2019, Westover acquired its first South Florida property with a $55 million acquisition for a 331-unit apartment complex in Westchester in Miami-Dade County.
Broward has seen a number of apartment complexes trade for huge amounts as institutional investors remain bullish for South Florida multifamily assets. Last month, Lynd Living flipped a Margate apartment complex for $66.5 million, roughly $15 million more than its previous purchase price earlier this year. The San Antonio-based company sold The Lakes at Margate to Atlanta-based Carroll Organization. In March, Lynd Living paid $50.7 million for the same property.
Last week, broker, investor, and developer Vivian Dimond sold the 247-unit Hollywood East for $102.5 million to New York-based GMF Capital in an off-market deal. And recently, Germany’s Union Investment made its first U.S. multifamily acquisition when it paid a whopping $226.5 million for EON Squared, a 12-story apartment complex in Fort Lauderdale’s Flagler Village.