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| Coral Falls, a 190-unit value-add multi-housing property located in Coral Springs, FL |
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| Maurice Habif |
JLL worked on behalf the seller, Iron River Management on behalf of CF Partners Ltd., to complete the sale to the buyer, Landmark Companies, based in Keasbey, NJ; and working locally with Weirwood Capital.
Landmark owns and operates over 3,000
apartment units and this is their second Florida acquisition. The buyer assumed
the loan originally placed on the asset.
Coral
Falls was originally built in 1988 and consists of 19 residential buildings, a
clubhouse and maintenance shop.
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| Simon Banke |
The garden-style apartments total 195,504 rentable square feet and include one- and two-bedroom floorplan options.
Community amenities include a clubhouse, fitness center, picnic areas, tennis court, playground and swimming pool.
The
apartments are located at 2801 N.W. 91st Ave., near various
golf courses and other residential communities.
This quaint area is known for its “calmer and
higher quality of life,” while still providing direct access to key economic
drivers and employment hubs in Fort Lauderdale and Boca Raton.
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| Ted Taylor |
Despite the COVID-19 pandemic, Coral Falls has performed extremely well with current occupancy at 100 percent and resident retention averaging 74 percent.
The
JLL Capital Markets team representing the seller was led by Managing Director Maurice
Habif, Director Simon Banke, Director Ted Taylor and
Associate Jo Rousseau.
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| Jo Rousseau |
CONTACT:
Natalie
Passarelli
PR, Americas
JLL
M +1 224 477 7307
