Clarion Partners Buys South Florida Rental at Discount
By Julia Echikson July 16, 2024 1:59 pm
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Clarion Partners has acquired a multifamily property in Plantation, Fla., for $49.4 million — nearly $3 million less than its previous sale price a decade ago, property records show.
The six-story building, called The Manor in Plantation, at 601 NW 82nd Avenue, west of North University Drive, features 181 units. The sale equates to about $272,900 per apartment.
Nuveen, the real estate investor of the Teachers Insurance and Annuity Association of America, purchased the 327,367-square-foot property for $52.1 million in 2014, the same year Jorge Pérez’s Related Group completed it, according to property records.
The recent sale marks a 5 percent drop in value over the decade. While multifamily sales across South Florida have cooled recently, most have still appreciated in value from their previous trades.
So far, Pantzer Properties and Ares Management each paid about $139 million for properties in Doral and Boca Raton, the largest multifamily deals in the state to close this year.
Representatives for Nuveen and Clarion Partners did not immediately respond to requests for comment. New York-based Clarion Partners is the asset management division of Franklin Templeton Investments.
Julia Echikson can be reached at jechikson@commercialobserver.com.
