Robbins Property Associates Expands Florida Footprint
- Aug 01, 2019
Robbins Property Associates has acquired The Gardens at Nova, a 140-unit, value-add multifamily community in Davie, Fla., for $30.3 million. RPA has rebranded the property as Nova Central Apartments.
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JLL marketed the property exclusively for the seller, Grand Peaks. The JLL investment advisory team was led by Maurice Habif, Simon Banke and Victor Garcia. The transaction was an HFF legacy deal marketed prior to HFF being acquired by JLL on July 1.
Banke described the Broward County property as an asset with tremendous growth potential due to its central location in Davie. He noted the property is close to major employers, demand drivers and highways, including Interstate 595. The Gardens at Nova is located directly across from the 545-acre South Florida Education Center (SFEC), which includes five educational institutions: Nova Southeastern University, Florida Atlantic University – Davie Campus, Broward College, University of Florida – Fort Lauderdale Research and Education Center and McFatter Technical College and High School. It is also close to retailers, including grocery stores, parks and restaurants.
Located on nine acres at 6857 College Court, the asset has 16 garden-style buildings comprising two-bed, two-bath units with an average of 1,173 square feet of space. Community amenities include a clubhouse, business center, fitness center, coffee bar, swimming pool, outdoor kitchen with barbecue grill and sun deck. RPA’s website notes unit interiors and the clubhouse have recently been renovated.
RPA’s Florida Focus
Founded in 2009, RPA is a full-service owner-operator of multifamily communities in targeted markets. Nova Central Apartments is the company’s 20th property and 19th in Florida. RPA also owns Melvin Park, a multifamily property in Catonsville, Md.
In October 2018, RPA and joint venture partner LEM Capital sold Canopy Apartment Villas, a 296-unit multifamily community in Orlando, Fla., to Taurus Investment Holdings LLC. The property was 96.3 percent occupied at the time of the sale.
Several months earlier, in June, RPA acquired Aventine at Boynton Beach, a 216-unit garden-style community in Boynton Beach, Fla., from Claremont Cos. for $43.9 million.