The South Florida Multifamily Team Represented AVR Realty in its Sale of Prime Multifamily Development
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.
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.
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