DEAL OF THE DAY: CB Richard Ellis Fund Acquires Apartment Community in S. Florida

Pembroke Pines, Fla. – The CB Richard Ellis Strategic Partners U.S. Value 5 fund has purchased The Resort at Pembroke Pines, a 1,520-unit garden-style apartment community in southern Florida that is 94 percent occupied, via CB Richard Ellis Investors’ Multi-Housing Group.

Located at 11801 Pembroke Road, in Pembroke Pines, Fla., the property is about 20 miles from both Fort Lauderdale and Miami with convenient access to main transportation arteries near numerous employment centers as well as lifestyle amenities including beaches, parks and six major regional retail centers. The market has historically experienced strong economic expansion and been one of the top markets for growth in the nation.

The resort, which underwent a major renovation that focused on the building exteriors and community amenities in 2007, offers both one and two bedroom floor plans with washers and dryers, walk-in closets, balconies, and gourmet kitchens in all units. The property also features two controlled-access gated entries, two pools, four heated spas, a fitness center, massage room, business center, conference room, two playgrounds and two sport courts.

“Pembroke is well-located in south Broward County, an area that has performed well historically and we believe is poised to outperform the market in the future,” says Steve Zaleski, managing director of the Multi-Housing Group for CB Richard Ellis Investors.

“We are pleased to add The Resort at Pembroke Pines to our high-quality portfolio of multifamily properties, as it offers the most extensive amenity package in the market,” says Stephen Gullo, director of the Multi-Housing Group for CB Richard Ellis Investors.