MIAMI—Showing continued strong demand for multifamily assets in South Florida markets, a 408-unit portfolio with near fully occupancy has sold. ARA recently brokered the sale of Quiet Waters at Coquina Lakes in Deerfield Beach and The Fairways of Carolina in Margate.

ARA principals Avery Klann, Hampton Beebe, and Richard Donnellan represented a pension fund advisor in the sale. San Diego, CA-based Fairfield Residential, acquired the multifamily assets. The properties have been institutionally owned by the same owner for the past 12 years.

“The acquisition represents a tremendous opportunity to gain significant marketshare within the strong performing northwestern area of Broward County,” says Klann, lead advisor on the transaction. “Both garden-style apartment communities are well-positioned, offering excellent value-add opportunities, top-quality concrete block construction and stabilized long term historical occupancy.”