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Nuveen buys Sunrise apartment complex for $44M
Deal for 276-unit Oasis at Springtree equates $158K per apartment
Nuveen Real Estate bought the Oasis at Springtree apartment complex in Sunrise for $43.7 million, marking continued investor interest in South Florida multifamily properties.
Chicago-based Nuveen Real Estate, through an affiliate, bought the 276-unit, garden-style complex at 3551 Northwest 85th Way from an entity that lists Nancy Kodsi Tanner as its president, according to a deed.
The deal breaks down to $158,333 per unit.
Oasis at Springtree was constructed in 1987 on 15.7 acres, inclusive of a lake, clubhouse and pools, property records show. It has roughly a dozen three-story buildings, offering one- to three-bedroom apartments with monthly rents from $1,800 to $2,450, according to records and Apartments.com.
The property last traded for $2.5 million in 1991, a deed shows.
Nuveen Real Estate, led by CEO Mike Sales, is a property investment manager with roughly $142 billion of assets under management as of September. It’s part of Jose Minaya’s Nuveen, a global investor and wholly owned subsidiary of TIAA, according to Nuveen’s website.
Nuveen Real Estate has been beefing up its South Florida portfolio, focusing on the prospering multifamily and industrial markets. The apartment market has been fueled by high demand and skyrocketing rents, prompting investment sales activity. Similarly, the industrial market is strong thanks to high tenant demand and dwindling supply because of a lack of developable land.
In January, Nuveen Real Estate bought the 350-unit The District Boynton rental complex at 1000 Audace Avenue in Boynton Beach for $125.9 million.
That followed Nuveen Real Estate’s $98 million September purchase of LaVida Apartments’ two buildings at 6600 Northwest Seventh Street at Blue Lagoon and near Miami International Airport.
On the industrial front, Nuveen Real Estate bought two Weston Business Center warehouses at 2935 and 2945 West Corporate Lakes Boulevard for $110 million in October.
Sunrise, a Broward County city known as home to Sawgrass Mills mall, is on tap to get new apartment projects. Morgan Group, in partnership with investors, in February won city commission approval for a land use change for the 452-unit Pearl Sunrise community. It will be built on 22.5 acres at Oakland Park Boulevard and Pine Island Road.