Rockpoint Group Snags $87M FL Community
- Apr 27, 2017
Related Development, the Miami-based multifamily and mixed-use arm of the Related Group, has sold its recently completed Town at Pembroke Pines development for $87 million. The 356-unit community, located at 10700 City Center Blvd. in Pembroke Pines, Fla., was acquired by Rockpoint Group, a Boston-based real estate private equity firm. The property was completed in 2016.
Town at Pembroke Pines features 33 units per acre in two standalone three-story apartment buildings; two three-story wrap apartment buildings; one four-story apartment building; and one three-story townhouse building. There are also two attached garages. Common amenities include a resort-style pool deck with personal cabanas and daybeds, outdoor feast table offering seating for 14 or more, demonstration kitchen and dining area, and a game room and private movie theater.
“Broward County continues to grow and establish itself as a distinct community,” said Related Development president & CEO Steve Patterson. “Growing employment opportunities and improved lifestyle offerings are driving up demand.”
The property is part of the Pembroke Pines City Center development, which was master-planned by the city. A $60 million conference, performing arts and art gallery building was recently completed on the site, and Terra Group is at work on a retail center there. Berkadia Commercial Mortgage provided $47.9 million in acquisition financing to the buyer of Town at Pembroke Pines.
The sale of Town at Pembroke Pines is the latest disposition for Related Development. Over the past 18 months, the company has sold three completed multifamily projects totaling over $290 million. They include the 382-unit Manor at Flagler Village for $148.9 million, the 264-unit Manor at Lauderdale by the Sea for $78.5 million and the 172-unit SofA Delray for $62.8 million.