Broward County Apartment Complex Appreciates 42% in Three Years

AvalonBay Communities purchased a multifamily property in Broward County, Fla., for $98.3 million — marking a 42 percent markup from the previous trade just three years prior, property records show.

The garden-style property features 270 units at 5401 Wiles Road in Coconut Creek, nearly two miles west of the Florida Turnpike. The sale equates to $364,000 per apartment. 

Bainbridge Companies and Rockwood Capital bought the 12-acre complex for $69 million in 2022, according to property records. The 316,222-square-foot community was completed in 2013. 

The acquisition brings the number of South Florida properties that Virginia-based AvalonBay Communities owns up to 10, with more than 3,000 apartments. 

Despite a slowdown in rent growth across South Florida since the height of the pandemic, Broward County has still managed to record sizable multifamily transactions in the past few months. In June, Zara’s billionaire founder Amancio Ortega paid $165 million for a 46-story, 259-unit luxury apartment tower in Downtown Fort Lauderdale.

Just last week, private credit company FAVO Capital acquired a 22-story, 277-unit building in Downtown Hollywood as part of a $190 million deal.

Representatives for AvalonBay Communities, Bainbridge Companies and Rockwood Capital did not immediately respond to a request for comment. 

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