“This deal demonstrates the institutional market’s generally strong perception of Broward County’s now and in the future,” Given says. “We are predicting average rent growth in this area of nearly 5% over the next three years thanks to the burn-off of condo inventory, the lack of quality assets, lack of new supply, and economy recovery.”

Brad Capas, a senior director in Cushman & Wakefield’s Miami office, tells GlobeSt.com that Hillsboro Bay Club Apartments typifies the properties investors are hunting in today’s real estate market. Multifamily housing like Hillsboro Bay Club are in high demand and spurring a downward influence on cap rates, he says.

“There’s momentum in the market,” Capas says. “The general thinking among investors that are buying today is that rents are bouncing along the bottom and are poised to increase significantly in the next 12-24 months. That’s part of the reason cap rates and demand are so strong. Property owners are seriously considering selling into this environment, because if interest rates go up the premium they are getting today may be diluted somewhat by increasing interest rates.”