Broward County Apartments Fetch Record $139 Per SF

MIRAMAR, FL-Villaggio Resort Rental Village, an ultra-luxury rental apartment community here, has been sold for $43.5 million–a record $139 per sf for garden apartments in Southeast Florida.An unnamed offshore investment group from the Middle East purchased the property from Minto Villaggio Inc. for $148,973 per unit. The 292-unit, 2003-vintage community, located at 4504 Dykes Rd. in southwestern Broward County, features 11 two- to three-story apartment buildings as well as a Mediterranean-style clubhouse. The property is 99% occupied.According to Marc deBaptiste, a broker involved in the transaction, the property is a great candidate for a conversion to condominiums due to its for-sale-quality design elements, location and upscale amenities. “I think that’s an option that they’re considering,” he adds says. Avery Klann, a vice president of Apartment of Realty Advisors, joined deBapiste–a firm principal– in representing Minto Villaggio Inc. in the deal.Among the unit features are 10-ft ceilings in a third of the units and 9-ft ceilings in the others; ceramic tile on foyer, kitchen and bathroom floors, 8-ft inside doors, oversized windows with blinds, hurricane-impact glass, attached garages with remote controls, and exterior storage space. Property amenities include an indoor rubber-based basketball/multi-sport court, a sports-viewing lounge, a business and conference center, an athletic club with a toddler playroom, and a waterfall spa.The property, southwest of the intersection of Interstate 75 and Miramar Parkway, is in an upscale location in Broward County, just north of the Miami-Dade County line and near major employment centers in Miami and Fort Lauderdale, as well as retail, shopping and Interstate 75, Florida’s Turnpike, Interstate 95 and Interstate 595.”Broward County continues to be one of the nation’s favorite markets for multifamily investment,” Klann says in a statement. “The barriers to entry continue to constrain future garden apartment development. With 7,000 new residents moving to South Florida monthly, Broward County is poised for continued strong demand by multifamily investors.