Value-add apartments purchased for $40.2 million in Coral Springs, FL

Coral Falls, a 190-unit value-add multi-housing
property located in Coral Springs, FL

 

Maurice Habif

MIAMI, FL, April 15, 2021 – JLL Capital Markets announced it has closed the $40.2 million sale of Coral Falls, a 190-unit value-add multi-housing property located in Coral Springs, Florida, which is just 20 miles northwest of Fort Lauderdale.

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.

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. 91^st 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.

Ted Taylor 

Coral Falls is situated off of University Drive, a major commercial corridor, surrounded by over 12 million square feet of industrial and office space, three hospitals and over 30 schools.

 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.

Jo Rousseau

CONTACT: 

Natalie Passarelli
PR, Americas

JLL

M +1 224 477 7307

JLL.com

 

 

Lee & Associates-Pasadena Closes $3.6 Million Sale of Iconic 14,000-SF Commercial Property in Monrovia, CA

 

Jodi Shoemake

MONROIVA, CA – Lee & Associates - Pasadena Founding Principals Dan Bacani and Jodi Shoemake successfully facilitated the sale of Monrovia’s iconic property, located at 204 W. Foothill Blvd. in the city of Monrovia, California, to a well-deserving and long-time Monrovia business, Foothill Gym, which is owned by Brian and Jennifer Whelan and have been in operation for over nineteen years.

Dan Bacani 

 “While we needed to get creative towards the end, I personally love the fact that such a community-oriented group has found its forever place,” explained Dan Bacani, Founding Principal. “I learned that a bad pandemic can never keep a good entrepreneur down.”

Foothill Gym, 204 West Foothill Boulevard, Monrovia, CA

The Monrovia Masonic Center is a 14,214 square foot special purpose commercial property with excellent visibility on Foothill Blvd. near Old Town Monrovia. 

 Maggie Chou Bell

 Over the years, the building has been home to Masonic meetings, weddings and Boy Scout events to name a few. 

Andrew Chan

Bacani and Shoemake represented the Seller, Monrovia Masonic Building Corp. 

 Andrew Chan and Maggie Chou of Compass Commercial represented the Buyer, Foothill Gym.

 CONTACT: 

Kimberly Barbata

Lee & Associates - Pasadena, Inc.

(626) 240-2790

 lee-associates.com or

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Pangea Properties Completes First Phase of Renovations at Apartment Community in Chicago’s South Shore Neighborhood

6904 South Creiger Avenue,  a 26-unit apartment
building in Chicago’s South Shore neighborhood 

 

 CHICAGO, IL — Chicago-based Pangea Properties (Pangea) announced it completed the first round of renovations of 6904 S. Creiger Ave., a 26-unit apartment building in Chicago’s South Shore neighborhood and one of 13 properties Pangea acquired from the Better Housing Foundation (BHF) in July 2020.

Pangea is now leasing units with rents ranging from the mid-$900s to $1,075 per month.

 A real estate investment trust founded in 2008, Pangea acquires, rehabilitates and improves multifamily residential properties with the philosophy that developing and maintaining these buildings will have a direct impact on the neighborhoods they serve.

Over the past 12 years, the firm has invested almost $500 million to acquire and renovate almost 13,000 units in Chicago, Indianapolis and Baltimore.

 “Our business is transforming forgotten properties into clean, safe and affordable workforce housing, and 6904 S. Creiger is a great example of the quality we can deliver to our residents and the community,” said Bryan Cullers, regional manager at Pangea.

“I have to commend our team for making these units livable again in such a short time and I’m really excited about the bold plans we have for other properties in this portfolio.”

 When Pangea acquired the 281-unit BHF portfolio last summer, the buildings had 1,792 code violations and required extensive repairs.

In particular, 6904 S. Creiger had boarded-up ground-floor windows, broken downspouts, unsafe stairs, missing lighting and uninhabitable units, with only 10 of 26 units rentable.

CONTACTS: 

 Matt Baker, mbaker@taylorjohnson.com

 (312) 267-4512

Gretchen Muller, gmuller@taylorjohnson.com

 (312) 267-4511