$322M Pembroke Pines Sale Is Biggest Multifamily Deal This Year
The sale of the sprawling Avant at Pembroke Pines breaks down to $211,842 per unit.
September 10, 2019 at 10:05 AM
3 minute read
The Avant at Pembroke Pines apartment complex on the southeast corner of South Flamingo Road and Washington Street. Photo: Google
A sprawling 1,520-unit apartment community in Pembroke Pines sold for $322 million in South Florida's biggest multifamily sale so far this year.
NexPoint Residential Trust Inc., a publicly traded real estate investment trust based in Dallas, bought The Avant at Pembroke Pines on Aug. 30 from National Property REIT Corp., which has offices in New York and Park City, Utah. The sale was listed in Broward County public records Monday.
The mammoth transaction comes in one of the region's strongest asset classes fueled by strong demand due to steady population growth. The high cost of buying a home also is prompting residents to rent instead of buy.
The Avant trade beat this year's record holder, the $209 million sale of two garden-style apartment communities south of Doral. The Blackstone Group LP bought Doral View and next-door Town Fontainebleau Lakes in May.
The Doral apartments traded at a higher per-unit price than Avant, which breaks down to $211,842 per unit. The Doral sale was for $290,000 per unit.
The Avant at Pembroke Pines sits on 85 acres southeast of Flamingo Road and Washington Street just north of Pembroke Road near Interstate 75 and Florida's Turnpike Extension.
It's bigger than the average garden-style community with a combined 1.4 million square feet, according to the county property appraiser's office. It was constructed in the 1980s and early 1990s.
The buyer, NexPoint, is advised by an affiliate of Highland Capital Management LP, an alternative investment management company based in Dallas. Highland was founded in 1993 by Jim Dondero and Mark Okada and invests on behalf of institutional and retail investors in the U.S. and abroad, according to its website. Aside from real estate, it invests in high-yield credit, public equities, private equity and health care.
NexPoint took out a $177 million loan to finance the purchase. Wells Fargo is listed as the loan's administrative agent.
Rent at Avant is $1,380 a month for a one-bedroom, 786-square-foot unit; $1,535 for a two-bedroom, 978-square-foot unit; and $1,570 for a slightly bigger 1,053-square-foot unit, according to the community's website.
The gated community boasts a wide range of amenities, including a 24-hour gym, resort-style swimming pool and a sand volleyball court. The community also is pet friendly and has no restrictions on dog size.
Seller National Property bought Avant in June 2013 for $225 million for a 43 percent gain in six years.
Related stories:
Greenberg Traurig Attorneys Close South Florida's Biggest Multifamily Deal of the Year
South Florida Multifamily Market Trending Toward Apartments After Years of Condo Focus
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Fowler White Burnett Opens Jacksonville Office Focused on Transportation Practice
3 minute read
How Much Coverage Do You Really Have? Valuation and Loss Settlement Provisions in Commercial Property Policies
10 minute read
The Importance of 'Speaking Up' Regarding Lease Renewal Deadlines for Commercial Tenants and Landlords
6 minute read
Meet the Attorneys—and Little Known Law—Behind $20M Miami Dispute
Trending Stories
- 1Learning From Experience: The Best and Worst of Years Past
- 2Treasury GC Returns to Davis Polk to Co-Chair White-Collar Defense and Investigations Practice
- 3Decision of the Day: JFK to Paris Stowaway's Bail Revocation Explained
- 4Doug Emhoff, Husband of Former VP Harris, Lands at Willkie
- 5LexisNexis Announces Public Availability of Personalized AI Assistant Protégé
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
