Boardwalk Properties Closes On Newly Constructed 394-Unit Apartment Complex For Nearly $120 Million

Dec 27, 2018 No Comments by

Boardwalk Properties closed on the newly constructed, 394-unit resort-style apartment complex at 6220 Reese Road in Davie, purchasing it for $119 million.

The sellers were Pacific Investment Management Company, LLC (PIMCO) and Greystar.

Boardwalk will rename the property The Avenue from its current name, Elan Maison.

The purchase of the property reflects Boardwalk’s strong growth, especially over the past 10 months (in February 2018, the company acquired The Queue Apartments, a 191-unit rental property in downtown Fort Lauderdale, for $53 million.) The company invests in the multifamily sector in South Florida, recently focusing on Broward County.

The resort-style complex includes one, two, and three bedroom units and is situated on 15-acres.

 

“The acquisition of the property at 6220 Reese Road is a significant milestone for us at Boardwalk, as we look to expand and diversify our portfolio.” said Adam Walker, principal of Boardwalk Properties. “Our company continues to place an emphasis on long term growth in neighborhoods with sustained values.”

Representing Boardwalk Properties in the transaction was attorney Neil Rollnick from Hinshaw & Culbertson LLP, who has worked with Boardwalk since its inception in 2014.

 

 

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Broward County Multifamily, Industry News, Multifamily, NA
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