At a glance
- The price works out to just over $196,000 per unit for the 242,178-square-foot property.
- TD Bank supplied a $35.5 million acquisition loan to Miami-based Legacy.
- Allocators get a Broward multifamily benchmark: about $196,000 per unit for a 1986 property, with TD Bank's $35.5 million loan covering about 67% of the price.
Nuveen Real Estate sold Landings at Coconut Creek, a 268-unit apartment property in Broward County, Fla., to Legacy Residential Group for $52.6 million, Commercial Observer reported Nov. 3, citing property records. The price works out to just over $196,000 per unit for the 242,178-square-foot property.
TD Bank supplied a $35.5 million acquisition loan to Miami-based Legacy. Nuveen Real Estate, the real estate investment arm of Teachers Insurance and Annuity Association of America, bought the property at 4854 Fishermans Drive in 2017 for $45.3 million. The sale price is $7.3 million, or about 16%, above that 2017 purchase price.
Allocators get a Broward multifamily benchmark: about $196,000 per unit for a 1986 property, with TD Bank's $35.5 million loan covering about 67% of the price.
Reported by the Deals desk from Commercial Observer. Published . Corrections