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| Montage at City Center, 10170 SW 7th Street, Pinebroke Pines, FL |
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| Robert Given |
PEMBROKE PINES, FL, April
26, 2017 — Cushman & Wakefield announced today that it has negotiated the
sale of the Montage at City Center,
a 700-unit mid-rise and townhome residential asset located at 10170 SW 7th
Street in Pembroke Pines, FL.
Vice Chairman Robert Given and Executive Managing
Director Zachary Sackley of Cushman
& Wakefield’s South Florida Multifamily Team, along with Senior Managing
Director Troy Ballard, Financial
Associate Neal Victor and Financial
Analyst Aaron Mandel represented AVR
Realty Company in the disposition. An affiliate of Harbor Group International,
LLC acquired the asset for $158.5 million.
Montage at City Center
consists of 700 units in 12 mid-rise and 28 townhome buildings. The community
offers a mix of one-, two- and three-bedroom units. Montage at City Center was
built in two phases. Phase One (422 units) was completed in 2014. Phase Two
(278 units) was completed in 2015.
Units at Montage at City
Center feature formica countertops, espresso cabinetry, stainless steel
appliances and hard surface flooring. Property amenities include a LEED
Gold-certified clubhouse, two resort-style pools, a fitness center, business
center, game room and demonstration kitchen. Private garages and storage units
are available for rent.
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| Troy Ballard |
The property is currently
stabilized with 95% occupancy and an average market rent of $1.55 per square
foot.
“Montage’s walkability to
the future development of the Pembroke Pines City Center and recently completed
amphitheater makes this a compelling investment opportunity,” said Given. “The
property is located in the heart of very strong retail dynamics and tremendous
employment drivers.”
Pembroke Pines City Center
is a 47-acre mixed-use project that will feature a mix of retail, office and
residential. Terra Group is the developer of the phased project, with Phase One
consisting of 200,000 square feet of retail anchored by a 45,600-square-foot
Publix.
Phase Two will add 450
apartments and 100,000 square feet of office. Additionally, the city is in the
process of completing a $60 million civic and cultural center, which includes a
new city hall, 3,500-seat performance space, a standalone commission chamber
and a 1,000-square-foot arts center. All of this is less than a mile from
Montage at City Center.
“The location and asset
quality of Montage position it as a core-plus opportunity, allowing for a light
value-add program enhancing the interiors and creating additional rent
premiums,” said Sackley.
Cushman & Wakefield is
a leading global real estate services firm that helps clients transform the way
people work, shop, and live. Our 45,000 employees in more than 70 countries
help occupiers and investors optimize the value of their real estate by
combining our global perspective and deep local knowledge with an impressive
platform of real estate solutions.
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| Aaron Mandel |
Cushman & Wakefield is
among the largest commercial real estate services firms with revenue of $6
billion across core services of agency leasing, asset services, capital
markets, facility services (C&W Services), global occupier services,
investment & asset management (DTZ Investors), project & development
services, tenant representation, and valuation & advisory.
2017 marks the 100-year
anniversary of the Cushman & Wakefield brand. 100 years of taking our
clients’ ideas and putting them into action.
To learn more, visit
www.cushwakecentennial.com, www.cushmanwakefield.com
or follow @CushWake on Twitter.
.
For a
complete copy of the company’s news release, please contact:
David A. Meyer
Meyer Media
407.489.7488
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