After a holding period of almost a decade, Nuveen Real Estate has parted with a multifamily residential complex in Broward County in the US state of Florida. According to official property records, the sale price for the property, known as Landings at Coconut Creek, was 52.6 million dollars. Miami-based Legacy Residential Group acted as the purchaser of the asset.
The transaction for the 268-unit property reflects a calculated value of just over 196,000 dollars per residential unit. To finance the purchase, TD Bank provided the buyer with an acquisition loan of 35.5 million dollars. The property is located at 4854 Fishermans Drive in Coconut Creek, directly south of West Sample Road and approximately one and a half miles west of the Florida Turnpike.
Key data and property amenities
Constructed in 1986, the residential complex spans a 22-acre site and comprises a total lettable area of 242,178 square feet. The units are distributed across a total of 22 two-storey buildings situated on the expansive campus.
- —268 residential units with a combined 242,178 square feet of floor space
- —22 two-storey residential buildings on a site of around 22 acres
- —Leisure infrastructure including a swimming pool and tennis court
- —Convenient transport links close to West Sample Road and the Florida Turnpike
Nuveen's portfolio strategy in South Florida
Nuveen, the real estate subsidiary of the Teachers Insurance and Annuity Association of America, acquired the residential complex in 2017 for 45.3 million dollars. The latest disposal is part of a series of targeted sales through which the Chicago-based investment house is reducing its exposure to rental apartment communities across South Florida.
Last year, the asset manager parted with a 358-unit apartment complex in Miami Gardens, which went to Greystar for 93.5 million dollars. In 2024, Nuveen also sold a 197-unit portfolio property in Plantation for 49.4 million dollars. That sale price was five per cent below the original acquisition cost ten years prior. Representatives of both parties did not immediately respond to requests for comment regarding the current transaction.
