Walker & Dunlop Facilitates $37M South Florida Transaction

Managing Directors Roberto Pesant and Chris Conklin, together with Senior Analyst Omar Morales of Walker & Dunlop Investment Sales represented the seller, Principal Real Estate Investors.
Aqua Isles Apartments
Aqua Isles Apartments

Walker & Dunlop has brokered the $37.3 million sale of Aqua Isles Apartments, a 127-unit community in Dania Beach, Fla. Managing Directors Roberto Pesant and Chris Conklin, along with Senior Analyst Omar Morales of the company’s investment sales team, represented the seller, Principal Real Estate Investors—a subsidiary of Principal Financial Group—in the transaction. Mill Creek Residential Trust purchased the asset with the help of a $24.4 million mortgage from MetLife Real Estate Lending.

Located at 4761 S.W. 39th Way, Aqua Isles Apartments is on the north side of Griffin Road. The 2012-built property is close to dining and retail venues. Nearby Interstate 595 provides easy access to downtown Fort Lauderdale, which is within 10 miles.

Completed in 2012, Aqua Isles totals 155,686 square feet on a roughly 10-acre site. The two- and three-bedroom units range from 1,141 to 1,613 square feet and are spread across 11 buildings. According to Yardi Matrix data, common-area amenities include a swimming pool, fitness center, a playground and 350 parking spaces.

Recently, Walker & Dunlop originated $30.6 million in financing for The Highline, a 171-unit community under construction in Melbourne, Fla.

Image courtesy of Yardi Matrix

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