Broward Apartment Complex Trades For Whopping $782,000 Per Unit?

Revised January 27, 2015

An affiliate of Farmers Insurance paid about $61.77 million for a Class A apartment complex in Coconut Creek, according to the Daily Business Review.
Mid-Century Insurance Company LLC, a Farmers company, used a limited liability company to scoop up the complex at 5401 Wiles Road. It struck the deal with Altis at Coconut Creek LLC, an affiliate of Altman Cos., a luxury apartment and condominium developer based in Boca Raton.
Altman paid $6.5 million for the 15.2-acre site in June 2012 and developed a gated community of 79 luxury one- to three-bedroom apartments renting for $1,437 to $2,248 a month. It added a slew of amenities, including concierge services, lounge, cyber cafe and coffee bar, conference room, club and game room, fitness center, yoga and aerobics studio, pool with lakefront cabanas and a lakeside jogging path.
It then sold the property to Mid-Century, according to a deed recorded Friday in Broward County. The selling price values the units at $781,868 each.
 
Source:  DBR
Turns out that after we picked this story up from the Daily Business Review, we learned that the actual number of units in the complex totals 270, rather than 79, bringing the value per unit to $228,778.  We’re bummed to… the story isn’t quite as interesting anymore, is it?
Please accept our apologies for the error. Thank you to BL for bringing this to our attention.
 

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