Cortland Buys Pembroke Pines Rental for $63M
By Julia Echikson June 4, 2024 1:16 pm
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Cortland bought a multifamily property in Pembroke Pines, Fla., for $62.5 million, property records show.
Called Harbour Cove, the complex houses 240 units across nine three-story buildings at 1601 South Hiatus Road, adjacent to Pembroke Road. The sale equates to just over $260,400 per apartment.
Newmark (NMRK) provided a five-year, $47.5 million acquisition loan of the complex, which was completed in 1997. The complex is about 10 miles west of Hollywood, Fla., and about 20 miles northwest of Downtown Miami.
The seller was Eaton Vance, a Morgan Stanley (MS) affiliate, but it’s unclear when — or for how much — the Boston-based investor purchased the 321,102-square-foot property. A representative for Eaton Vance did not immediately respond to request for comment.
The average unit size is 1,334 square feet. Cortland plans on renovating the kitchens — installing new cabinets, backsplashes and countertops — as well as modernizing in-unit lighting and plumbing fixtures, and adding a playground, a dog park and pickleball courts.
Cortland now has four properties within Broward County, and 46 across Florida with 16,000 units.
“Broward County and all of Southeast Florida continue to be very attractive to us,” Juan Franco, director of investments for Cortland, said in a statement. “The area’s future growth potential is decidedly appealing, and we plan to continue investing in the market and growing our portfolio significantly.”
Julia Echikson can be reached at jechikson@commercialobserver.com.
