(Crystal Proenza is associate editor of Real Estate Florida.)

PEMBROKE PINES, FL-Scully Co. has acquired Pembroke Cove Apartments, a 302-unit complex in Southwest Broward County for $38.1 million, or $126,160 per unit. The property, located at 13401 NW 5th St., was sold by a South Florida-based private real estate development company. The transaction includes Freddie Mac financing.

Pembroke Cove is currently 94% occupied with rental rates averaging $1.27 per square foot per month, says Rosendo Caveiro, senior director of apartment brokerage services for Cushman & Wakefield in Miami, who brokered the transaction. The complex, which was built in 1998 by Miami-based American Land Housing Group, features 31 two-story buildings on 23.4 acres with amenities including a clubhouse/leasing center, fitness room, indoor racquetball court, billiards room, lakefront pool, spa and two tennis courts.

"There were 12 offers on the table for the property, including 10 national/institutional apartment investors," says Caveiro. "This rental submarket in Southwest Broward is one of the strongest in the tri-county area."