South FL Luxury Apartments Sell for $68.2M
The 400-unit luxury community's previous owner invested more than $3 million in capital improvements, repositioning the community for its sale price of $170,500 per unit.
Surrounded by the 29-acre Sherwood Forest Park sits Sherwood Forest Apartments, a 400-unit luxury multifamily community in Coral Springs, Fla., which was recently sold by Marcus & Millichap’s Institutional Property Advisors (IPA) for $68.2 million.
IPA represented the seller, a Canadian limited partnership, and procured the buyer, a New York, N.Y.-based institutional investor. “Prior ownership spent over $3 million dollars on capital improvements that pave the way for the continued repositioning of this attractive and well-managed asset,” said IPA Senior Managing Director Steve Witten of IPA’s Northeast and Florida team, who worked on the transaction alongside IPA Senior Managing Director Victor Nolletti and Marcus & Millichap Senior Managing Director Evan Kristol.
The capital improvements implemented by the previous owner clearly increased the value of the 1989-built property, the sale price of which equates to $170,500 per unit. Its location within a quiet residential neighborhood surrounded by park land but nearby retail and entertainment amenities on University Boulevard also makes it attractive to residents. The community is situated near Coral Square, a major local shopping center, and 20 miles from downtown Fort Lauderdale, Fla.
Sherwood Forest Apartment’s community amenities include a lake with fountains, two swimming pools and a 24-hour fitness center. Units feature split-level floor plans, private balconies or patios and full-size washers and dryers.