CBRE Closes Sale of Ft. Lauderdale-Area Community
The affordable apartment complex boasts various community amenities including an outdoor swimming pool, sun decks and a fully equipped fitness center.
By Timea Papp
CBRE brokered the sale of The Emerald Palms Apartments, an affordable community in Dania Beach, Fla. Emerald Palms Apartment Limited Partners Partnership, a joint venture between Housing Trust Group and Park Place Enterprises, sold the property in a $33.4 million deal to Emerald Palms Venture LP, an entity affiliated with Manhattan Beach-based MRK Partners, public records show.
Renovated community amenities
Located at 5331 SW 4th Terrace, the apartment complex features 318 units that were redeveloped in 2002. The residences have been upgraded with new central air conditioning, cabinetry, flooring and energy-efficient appliances. Community amenities include an outdoor swimming pool, sun deck, fitness center, business center, volleyball court, playground and picnic areas.
Timothy Flint, senior vice president at CBRE Affordable Housing in Seattle, along with Richard Tarquinio, senior vice president at CBRE’s Fort Lauderdale office, represented the seller in the transaction.
“The property has an attractive unit mix of one-, two-, and three-bedroom units, and an occupancy averaging nearly 98 percent over the last 18 months,” said Tarquinio, in a prepared statement.
The complex is located less than seven miles south of Hollywood, Fla., providing access to numerous big-box stores and restaurants including Target, Kmart, Dave & Buster’s and Cold Stone Creamery. Additionally, Fort Lauderdale, Fla., is just eight miles north of Emerald Palms and home to several malls and shopping centers.
Images courtesy of CBRE