Mesirow Financial Buys Coconut Creek Resi Complex for $132M

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Mesirow Financial paid $132 million for a sprawling multifamily complex in Coconut Creek, Fla., property records show. 

The property, Broadstone Cypress Hammocks, features 396 units across 18 buildings, all of which are three stories high. Located at 5201 W Hillsboro Boulevard, the development sits near the intersection of West Hillsboro Boulevard and Route 441. 

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Monthly rental rates range between $2,162 and $3,005, according to Apartments.com

The deal marks the development’s first sale and equates to $333,333 per apartment on average. Mesirow, a Chicago-based financial services company, secured loans totaling $94.2 million from The Guardian Life Insurance Company

The seller — PGIM Real Estate, the real estate division of insurance giant Prudential Financial — completed the complex in 2014, having paid $12.5 million for the site a year earlier. PGIM took in $75.5 million in financing for the project, per records.

The Chicago-based buyer has been trading South Florida properties. It sold a rental building in Miami’s Midtown neighborhood for $104 million in February as part of a joint venture. Four months later, the firm bought a Fort Lauderdale multifamily complex for $83.5 million.

Representatives for Mesirow and PGIM did not immediately respond to requests for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com