Greystar Buys Broward County Rental Complex for $56M
By Julia Echikson July 27, 2023 4:58 pm
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Greystar, one of the country’s largest residential investors, scooped up a rental property in Broward County for $56.1 million, property records show.
The garden-style property, called Park Place at Turtle Run by ARIUM, features 350 units across 22 three-story buildings, which were completed in 1989. Located at 3600 Terrapin Lane in Coral Springs, Fla., near the intersection of West Sample Road and Route 441, the community sits on 15.8 acres.
Greystar assumed the seller’s $102 million mortgage that Bank of America issued in 2017 and Newmark eventually took over. The outstanding debt amounts to $35 million, according to mortgage documents.
Property records list the last trade of the 279,627-square-foot complex in 2003 for $26.5 million. Deed documents list the seller of the latest transaction as PGIM Real Estate, the asset management arm of Prudential Financial, though it’s unclear when the company acquired the complex.
Representatives for the three investors did not immediately respond to requests for comment.
In recent weeks, Broward County’s multifamily market has picked up following a slowdown prompted by the Federal Reserve’s series of interest rate hikes, which kicked off in March 2022. Last week, PGIM sold a 293-unit rental property for $86 million to Atlantic Pacific Companies and LEM Capital. Earlier this month, Federal Capital Partners paid $53.1 million for a 220-unit multifamily complex in North Lauderdale.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Update: A previous version of this article listed Starwood Capital Group as a seller of Park Place at Turtle Run. While property record listed an LLC tied to Starwood as a seller, a representative for the company said it was not involved in the sale.
