Zell Pays $90,000 per Unit, CBRE Closes on $106M

MIAMI-Chicago entrepreneur Samuel Zell has picked up 562 apartment units at two properties in Coconut Creek, FL from Boston-based AEW Capital Management for $50.9 million or $90,569 per unit for his Equity Residential Properties Trust, the largest multifamily property owner in the United States.

Zell’s deal was engineered by the Miami office of the CB Richard Ellis Florida Multihousing Group which closed on a total five communities comprising 1,319 units valued at $106 million at about the same time it was completing the Zell deal.

The $106 million in transactions solidifies the CBRE group as the South Florida multifamily sales leader, according to GlobeSt.com research. The CBRE team of Jay H. Massirman, Denny St. Romain and Charles Crapse has participated in $1 billion of sales totaling 10,000 apartment units and high-density residential sites over the last three years.