Trending
Greystar picks up Coral Springs apartment complex for $56M
Charleston-based firm acquired Park Place At Turtle Run for $160K per unit
A 22-building apartment complex in Coral Springs has a new owner.
A Greystar affiliate purchased Park Place At Turtle Run, a rental community with 350 units at 3600 Terrapin Lane, records and Vizzda show. The firm paid $56.1 million, which breaks down to about $160,000 per unit.
The buyer, headquartered in Charleston, South Carolina, assumed a $35.3 million Freddie Mac loan from the seller, and increased the debt to $44 million, records show.
The seller, an affiliate of Newark, New Jersey-based PGIM Real Estate, paid $26.3 million for Park Place At Turtle Run in 2003. The 17.5-acre complex, consisting of two-story and three-story buildings, was completed in 1988, records show.
It’s the second Broward County mutlifamily sale for PGIM this month as deals for apartment properties is on an upswing this summer. The firm, led by CEO Eric Adler, recently sold a 293-unit apartment complex in Plantation for $86 million to a joint venture between Atlantic Pacific Companies and LEM Capital.
Last month, PGIM also sold a pair of rental buildings in Plantation for $88.4 million to Chicago-based Waterton.
All-cash buyers are fueling South Florida’s multifamily rally after the commercial sector experienced a slowdown in transaction volume as a result of rising financing costs. Institutional investors like Greystar and Waterton are also facing less competition for multifamily sites.
Led by CEO Bob Faith, Greystar is the largest apartment operator in the U.S., managing more than 803,000 rental units around the world, according to a press release. The firm manages and operates more than $275 billion of real estate in 238 markets throughout North America, South America, Europe and the Asia-Pacific region.
In 2021, Greystar sold an apartment complex in Miami’s Little Havana neighborhood for $105 million and a rental community in Pompano Beach for $73.5 million to Canadian real estate company Ivanhoé Cambridge that were part of a $3.6 billion deal for a national portfolio of multifamily properties.