New Pembroke Pines Multifamily Complex Sells for $55.6M in Strong Market
Miami-based apartment investor Lloyd Jones LLC bought the property at $270,000 a unit.
October 09, 2019 at 12:18 PM
3 minute read
The new Ventura Pointe garden-style apartment community at 7850 Pasadena Blvd. in Pembroke Pines. Rendering
A new suburban apartment complex in Pembroke Pines sold for $55.6 million in a multifamily market on an upward streak.
Miami-based Lloyd Jones LLC, managed by Chris Finlay, bought the four-building Ventura Pointe on Oct. 1 from Eastwind Development LLC, the Palm Beach Gardens-based developer of the complex.
The 206-unit garden-style community has two four-story buildings and two five-story buildings with one-, two- and three-bedroom apartments.
The complex sits on 10 acres southeast of University Drive and Sheridan Street at 7850 Pasadena Blvd. That's walking distance to a soon-to-open Lucky's Market and the 301-bed Memorial Hospital Pembroke. Ventura Pointe is within five miles of Florida's Turnpike and Nova Southeastern University's main campus in Davie.
Ventura Pointe is branded as a luxury community with rents starting at $1,685 for one bedroom, $1,899 for two bedrooms and $2,225 for three bedrooms, according to its website. The average unit size is 958 square feet with 9-foot ceilings.
Amenities include a pool, outdoor kitchen and grills, indoor lounge with billiards, gym, conference room and 2-acre park.
Buyer Lloyd Jones is a real estate investment, development and management company that focuses on multifamily and senior housing in the Southeast U.S. and Texas.
Seller Eastwind develops multifamily communities and completed Ventura Pointe last year.
Cushman & Wakefield represented Eastwind in the transaction. Vice chairman Robert Given, executive managing director Troy Ballard, executive managing director Zachary Sackley and director Neal Victor worked on the deal.
Cushman & Wakefield was involved with Ventura Pointe from the start. It sold the site to Eastwind in April 2016 for $6.3 million.
"It's always very meaningful to us when we can help our clients execute their business plans from start to finish," Given said in a news release.
The deal, which breaks down to $270,000 per unit, comes in a particularly strong multifamily market as population grows and residents opt to rent instead of buy. This is in part because of the high cost of buying a home in South Florida and millennials' changing attitudes toward homeownership.
Over $1.2 billion of multifamily communities have sold in the region this year, excluding trades of apartments totaling less than 10,000 square feet, according to JLL.
Related stories:
$322M Pembroke Pines Sale Is Biggest Multifamily Deal This Year
Hot in Hialeah? Virginia REIT Scoops Apartments for $90 Million
New Apartments in Trendy Fort Lauderdale Arts District Trade for $93M
Two Essential Tools for Successful Multifamily Property Management
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