Swedish Investor Makes First US Foray

Contentus proved there is still robust demand from international investors by acquiring Town University Luxury Apartments in Davie, Fla.

Town University Luxury ApartmentsDavie, Fla.—Contentus, a Swedish investor, acquired Town University Luxury Apartments in Davie, Fla., for $35.4 million. The property marks the first acquisition in the United States for Contentus, and reflects the continued appetite among international investors for U.S. apartment properties.

Contentus CEO Rickard Ohlsson said that the company has been considering a foray into the South Florida multifamily market for some years. “The acquisition contributes to our company’s planned increased growth and diversification,” he noted.

The newly completed Town University Luxury Apartments consists of 232 units in eight buildings and offers various amenities, such as a steam room with imported Moroccan mosaic tile, cyber café with a social coffee bar and interactive flat screen, and fitness center with cardio equipment as well as a yoga and virtual spin room.

Davie is in Broward County and part of the Miami metro area. It has experienced considerable population growth in recent years. According to the Census Bureau, the town had about 92,000 residents in 2010. As of 2015, the estimated population was nearly 101,000.

Walker & Dunlop Inc. facilitated the sale as well as an acquisition loan for the property. The company’s Al Rex, Marty McGrogan and Niki Preble worked with Contentus to place the debt assignment and secure a 10-year acquisition loan. Chris Conklin and Roberto Pesant managed Walker & Dunlop’s investment sales team.