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PGIM sells Plantation multifamily complex for $88M
Deal for 321-unit One Plantation equates to $275K per apartment
From left: Waterton’s David Schwartz, PGIM Real Estate’s Eric Adler and a street view of One Plantation apartment complex at 1600-1700 Southwest 78th Avenue in Plantation (Getty, Waterton, PGIM Real Estate, Google Maps)
PGIM Real Estate sold the One Plantation multifamily complex for $88.4 million.
Chicago-based Waterton bought the pair of 12-story apartment buildings and adjacent garage at 1600-1700 Southwest 78th Avenue in Plantation, according to records and real estate database Vizzda.
The deal for the 321-unit complex on 5.6 acres breaks down to $275,337 per apartment.
One Plantation offers one- to three-bedroom units with monthly rents ranging from $2,942 to $3,188, Apartments.com shows.
Fort Lauderdale-based Stiles, in partnership with Newark, New Jersey-based PGIM Real Estate, developed One Plantation, completing it in 2013, according to records and Vizzda. After finishing the project, Stiles sold its stake in One Plantation to PGIM, a Stiles spokesperson told The Real Deal.
The apartment complex was part of Stiles’ bigger project that included the redevelopment of an adjacent, formerly struggling retail center now called The Shops at One Plantation.
Records show that first, an affiliate of Stiles bought the shopping plaza and an adjacent parcel for $2.5 million in 2005. In 2012, the Stiles affiliate sold the apartment complex development site for $8 million to an entity tied to both Stiles and PGIM.
Stiles, founded in 1951, is a real estate investor, developer and manager, according to its website. Owned and led by the Stiles family, the firm’s portfolio includes the development of more than 52 million square feet of office, industrial, residential and mixed-use projects throughout the Southeast.
Led by Eric Adler, PGIM Real Estate is an asset management arm of Prudential Financial and had $210 billion in assets under management as of March, according to its website.
Waterton’s purchase comes during a dearth of South Florida multifamily deals. The Federal Reserve’s interest rate hikes that started last year resulted in expensive acquisition financing costs, prompting some investors to turn to either all-cash deals or to seek equity partners.
Waterton may have relied on either of these options for its One Plantation purchase. Broward County records show the company didn’t take out a loan tied to the property.
One Plantation marks at least the third multifamily property Waterton owns in South Florida. In 2017, the firm paid $59 million for the 322-unit District West Gables apartment building in West Miami. Last year, Waterton bought the 216-unit garden-style Verona at Boynton Beach at 1575 Southwest Eighth Street for $80 million.
Led by David Schwartz, Waterton is a real estate investor with a portfolio of about $10.7 billion as of March, its website shows.
In the biggest multifamily purchase this year, Air Communities paid $250.5 million for the pair of Southgate Towers at 910 West Avenue in Miami Beach in January.
Other deals are pending. Crowdfunding startup FundRebel is under a $67 million contract for the 18-story, 204-unit Nine Hollywood apartment building at 1809 Jackson Street. The project is under construction and slated for completion this year.
The Moinian Group has the 43-story, 434-unit Bezel apartment tower at Miami Worldcenter on the market for roughly $300 million. The downtown Miami building was completed in 2021 at 650 Northeast Second Avenue.