Brookfield Sells Pembroke Pines Multifamily Complex for $121M

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Brookfield Property Group, operating under AEC/Pines Development, has sold the Marela Apartments in Pembroke Pines, Fla., to a fund run by Deutsche Bank for $121.25 million.

AEC/Pines, listing its address as Brookfield, sold the 368 apartments at 250 NW 130th Avenue to limited liability company RAR2 – 250 NW 130th Avenue FL, according to property records. The LLC listed its address as RREEF Management, a commercial real estate fund based in Chicago and owned by Deutsche Bank. The sale price works out to $392,484 per apartment unit. 

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The deal marks the first time that Marela Apartments sold since it was constructed in the late 1990s, according to property records. The complex spans 919,980 square feet, and includes multiple buildings and a swimming pool, per property records.

The complex, located between the Shops at Pembroke Gardens and the Pembroke Lakes Mall, is also home to clubhouse, fitness center, playground and a pet park, the South Florida Business Journal reported.

In 2015, then-owners of the property, AEC/Pines, took out a $265 million mortgage with New York Life Insurance Company on Marela Apartments and one other property, according to property records. Brookfield and RREEF Management did not immediately respond to a request for comment.

Celia Young can be reached at cyoung@commercialobserver.com.