Investors snapped up an $81 million Broward County apartment complex, while developers secured a $121 million construction loan for a Palm Beach County project this week.
David Schwartz’s Waterton Residential dropped $80.5 million on a 358-unit apartment complex in Pembroke Pines. The deal worked out to $224,900 per unit.
An affiliate of the Chicago-based company acquired The Landings at Pembroke Lake Apartments from an affiliate of Coral Gables-based Bar Invest Group. The 282,100-square-foot property at 10650 Washington Street includes 17 two-story residential buildings, a clubhouse, a pool and tennis courts.
The complex was built in 1989, property records show. Units range from 500 to 1,000 square feet with prices ranging from $1,900 to $2,700 per month, according to Apartments.com.
Bar Invest Group, led by chairman Jacques Barbera and CEO Herve Barbera, acquired the property through an LLC ownership change in 2021 for $79.5 million, The South Florida Business Journal reported.
In Palm Beach County, North American Development Group started construction on the apartment complex NUVO Delray Beach after securing a $120.6 million construction loan from Wells Fargo Bank. The bank awarded the mortgage to Ilumina Delray LP, an entity linked to NADG, the Business Journal said.
West Palm Beach-based Verdex Construction filed notice with the county that it started building 476 apartments on the 33-acre site in the Agricultural Reserve west of Delray Beach. It’s part of a 39-acre site NADG acquired for $41.8 million in 2022.
The complex will include a fitness center, pool, pickleball courts and 12 acres of green space, according to NADG’s website.
NADG residential vice president David Abers told the South Florida Business Journal that 25 percent of NUVO Delray Beach’s apartments will be housing for residents that make 60 percent to 120 percent of the area media income.
He said the first apartments are expected to be available in the fall of next year.
Last year marked the lowest annual delivery of multifamily developments in Palm Beach County since 2011, according to Cushman & Wakefield. As a result, demand outpaced supply for the first time since 2021, signaling strong developer appetite. Over 300 units started construction in the first quarter, bringing the development pipeline to 4,600 units, which was the highest level since 2023.
Multifamily development in Broward County has slowed. About 6,000 units were under construction in the first quarter, the lowest level since 2020, according to Cushman & Wakefield. Demand outweighed supply last year for the first time in three years, and overall absorption continues to rise.
Read more
Commercial
Chicago
Waterton sells the Grand Central in South Loop for $22M premium over 2023 purchase
Commercial
South Florida
Multifamily developer buys former Boca Raton golf course