Greystar Real Estate Partners has sold a four-property portfolio totaling 1,616 units located in South Florida. The company acquired the assets in 2013 as part of a 27-property portfolio and underwent major renovation to units, clubhouses and other amenities for each property.
“The South Florida value portfolio is a collection of high-quality, well-located apartment communities in one of the country’s most valuable real estate markets, and we’re very pleased with the outcome of this transaction,” Kevin Kaberna, executive director & leader of Greystar’s U.S. Investment Platform, said in a statement. “By leveraging our institutional knowledge and platform we were able to contain expense growth while driving rent growth through renovations to more than 1,350 units.”
$240 million portfolio value
The portfolio includes 16.6 million rentable square feet, and according to data provider Yardi Matrix, Greystar paid approximately $240 million for the portfolio. The properties sold in the transaction are:
- Bella Vista at Boca Del Mar, a 392-unit property at 6925 Town Harbor Blvd. Built in 1985, the community offers a mix of one- and two-bedroom units ranging from 886-1,487 square feet. According to Yardi Matrix, the 36 two- and three-story buildings were 92.9 percent occupied as of March.
- Centro at Davie, a 494-unit property situated close to Nova Southeastern University, Florida Atlantic University, Broward College and the University of Florida’s Broward Country campus. Located at 2750 SW 73rd Way, the 18 two-story buildings feature one- and two-bedroom units averaging 986 square feet.
- Stonybrook Apartments is a 264-unit community located at 10206 Stonehenge Circle, between West Palm Beach and Boca Raton. Built in 2001, Stonybrook offers one-, two- and three-bedroom units ranging from 795-1,407 square feet.
Savannah Lakes, a 466-unit community located at 220 Savannah Lakes Drive, is a few minutes from downtown Delray Beach. The property offers convenient access to various business districts including West Palm Beach, Boca Raton, Boynton Beach and Delray Beach. Built in 1991, the 38 two-story buildings feature one- and two-bedroom units averaging 947 square feet.
All communities offer common-area amenities such as a fitness centers, business centers, clubhouses and swimming pools. Executive Managing Directors Hampton Beebe and Avery Klann, along with Director Jonathan Senn, were part of the ARA Newmark team that represented Greystar in the transaction.
“We expect these high-quality assets to carry on as top-performing properties in their respective submarkets,” Beebe, said in prepared remarks.
Images courtesy of Yardi Matrix