Boardwalk Properties Buys FL Community for $119M
The 394-unit asset will be renamed THE AVENUE, offering amenities such as two swimming pools, a three-level clubhouse and a yoga studio.
Boardwalk Properties has acquired Elan Maison, a 394-unit apartment community in Davie, Fla., built in 2017. The firm purchased the asset from sellers PIMCO and Greystar, for $119 million. The property will be renamed THE AVENUE.
The company has partnered with Urban Resource, a boutique real estate management firm, to handle the on-site management for THE AVENUE.
The community features one-, two- and three-bedroom apartments, each offering stainless-steel appliances, wood-style flooring, quartz countertops, undermount sinks, oversized windows, and laundry rooms with full-size washers and dryers.
Nearby job centers
The apartment community’s amenities include a three-level clubhouse featuring a fitness center, a yoga studio, social spaces with flat-screen TVs, Wi-Fi and a billiards room. Also offered are two resort-style swimming pools, cabanas, shuffleboard, bocce ball, dog parks, an outdoor kitchen, an herb garden, grilling stations, dining areas and a fire pit.
Residents of THE AVENUE can take advantage of convenient access to major area employers, among them Florida Atlantic University, Broward Community College and Nova Southeastern University. Oleta River State Park, Fort Lauderdale Beach, Plantation Reserve Golf Course and Sawgrass Mall are also nearby. Interstates 95 and 595 provide residents access to the greater Fort Lauderdale area.
“The acquisition of the property at 6220 Reese Road is a significant milestone for us at Boardwalk, as we look to expand and diversify our portfolio,” said Boardwalk Properties Principal Adam Walker, in a prepared statement. “Our company continues to place an emphasis on long-term growth in neighborhoods with sustained values.”
Representing Boardwalk Properties in the transaction was Hinshaw & Culbertson LLP attorney Neil Rollnick.
Boardwalk’s purchase of THE AVENUE caps a 10-month period that also saw the firm acquire The Queue Apartments in Fort Lauderdale, a 191-unit apartment community, for $53 million.