South Florida Community Trades for $56M

A Miami-based investment firm picked up the 206-unit residential property in Pembroke Pines, Fla.
Ventura Pointe. Image courtesy of Lloyd Jones.

Lloyd Jones, a Miami-based multifamily investment firm, has purchased Ventura Pointe, a Class A residential community in Pembroke Pines, Fla., from seller Eastwind Development, according to Yardi Matrix data. The firm paid $55.6 million for the recently built community, which was completed last year.

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Located about 12 miles southwest of downtown Fort Lauderdale and one block from Memorial Hospital Pembroke, the 206-unit Ventura Pointe community consists of four buildings spread across nearly 10 acres. The unit mix includes one-, two- and three-bedroom apartment with an average size of 964 square feet. Apartment interiors include washers and dryers in each unit, high-speed internet access and above average ceiling heights. Common area amenities at the property include a fitness center, clubhouse, swimming pool and pet park.

Christopher Finlay, CEO & chairman of Lloyd Jones, said in a press release announcing the deal that the purchase of Ventura Pointe is part of the company’s strategy to expand the firm’s holdings in the South Florida region, which has experienced strong fundamentals in recent years.

Just last month, Fontainebleau Development landed a $460 million refinancing loan for its Sunny Isles Beach, Fla., luxury condo tower, Turnberry Ocean Club. Construction is currently underway on the beachfront property, which will feature 154 condo units once completed.