Waterton Buys South Florida Rental for $81M

Chicago-based investor Waterton has paid $80.5 million for a multifamily asset in Pembroke Pines, Fla., the buyer announced. 

Called the Landings at Pembroke Lakes, the garden-style property houses 358 apartments, which were built around a 45-acre lake at 10650 Washington Street, about a mile north of Pembroke Road and the neighboring town of Miramar. The deal, which Walker & Dunlop arranged, equates to just under $225,000 per unit.

“The Landings at Pembroke Lakes is well positioned to serve renters seeking a more accessible option in the Fort Lauderdale and Miami region,” Casey Mog, vice president of acquisitions at Waterton, said in a statement. 

The seller, Bar Invest, purchased the 27-acre property for $79.5 million in 2021, the South Florida Business Journal reported, although no deed has been filed in property records. 

Waterton plans to renovate its new Florida asset, which was constructed in 1989. The buyer took out financing, but declined to provide additional details and the property’s occupancy rate. 

The acquisition increased Waterton’s portfolio to 1,450 units. In South Florida, it also owns the 321-unit One Plantation, which it bought for $88.3 million in 2023, and the 216-unit Verona at Boynton Beach, which it acquired for $80 million in 2022. 

A representative for the seller could not be reached for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.