Waterton Acquires South Florida Community for $88M
Stiles Development sold the building.
One Plantation. Image courtesy of Waterton
Waterton has acquired a 321-unit community in Plantation, Fla., from Stiles Development for $88.4 million, Yardi Matrix data shows. Completed in 2013, the 12-story One Plantation property will undergo value-add upgrades. Newmark brokered the deal.
Located at 1650 SW 78th Ave., the community is situated in central Broward County area, near Fort Lauderdale. It was developed as a part of the 860-acre Plantation Midtown master plan, anticipated to feature some 5.5 million square feet of office and retail space upon its completion.
“We were initially attracted to the opportunity because of its location at the heart of central Broward,” Julie Heigel, senior vice president of acquisitions at Waterton told MHN. “Situated right on the corner of University Drive and I-595, the property is not only highly visible but also offers its residents with efficient access to several of Fort Lauderdale’s largest and growing employment nodes including downtown, Sunrise and Davie.”
One Plantation is a LEED Certified Silver building. It is 95 percent occupied, Yardi Matrix data shows.
One Plantation features one-, two- and three-bedroom homes. Individual units include private patio or balcony options, walk-in closets, washers and dryers and hurricane impact windows. A resident clubhouse features a movie theater, catering kitchen, cycle studio, business center and private work rooms and lounge areas. There is also a pool and a dog park on the property.
Existing tennis courts on the onsite parking garage’s rooftop are expected to be converted into pickleball courts. The four-story clubhouse building will go through furniture, WiFi and equipment upgrades, while individual units will be renovated with updated flooring, countertops and appliances.
Residents are near retail, dining and entertainment options, as well as golf courses and country clubs. Employers in proximity include American Express, Aetna, Nova Southeastern University and several hospitals. Downtown Fort Lauderdale is a 15-minute drive away.
One Plantation is not Waterton’s first community in the area. The company also owns District West Gables in West Miami and the Verona at Boynton Beach. Outside of South Florida, Waterton has been expanding its footprint. Earlier this year the company reentered the Seattle market with the $63.5 million purchase of State Apartments in Kirkland, Wash. The company intents to implement a capital improvements plan on that property as well.
