(l-r) JLL senior director Maurice Habif as well as directors Simon Banke and Victor Garcia, all based in Miami. Courtesy photos
➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don’t miss out on joining the 1000+ of the industry’s top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! Click here to register and view the agenda.
Investors are so eager to own apartment properties in the strong South Florida multifamily market that they are turning to older product.
These are value-add investments, meaning buyers renovate these apartment communities and then increase rents to market rate.
Most recently, Robbins Property Associates LLC, a Tampa-based multifamily owner-operator, made a value-add investment in Nova Central in Davie. Robbins Property bought it from Grand Peaks Properties Inc., a Denver-based multifamily buyer and developer, for $30.3 million, or $216,429 per unit.
Nova Central, which before the trade was called The Gardens at Nova, is a 140-unit garden-style apartment community with 16 buildings built in the mid-1990s. It sits across 9 acres south of Interstate 595 between University Drive and College Avenue, or at 6857 College Court.
A JLL team based in Miami closed the transaction July 30. Senior Director Maurice Habif and directors Simon Banke and Victor Garcia represented seller Grand Peaks.
Robbins Property plans to upgrade the units, clubhouse and other common amenities, but exactly how much it would invest in upgrades is unknown, Banke said.
The pet-friendly community has two-bedroom, two-bathroom units averaging 1,173 square feet.
Rents are expected to go up following Robbins Property’s renovations but by exactly how much is unknown, Banke added.
Apartment listing website apartments.com currently lists units from $1,740 to $1,795 a month.
Some of the amenities at Nova Central, aside from the clubhouse, are a pool, a business center, a gym, a coffee bar, and outdoor kitchen with a barbecue and a sun deck.
It’s over 95% occupied, speaking to the healthy thirst for apartments in South Florida driven by steady population growth and residents who are turning to multifamily in light of the high cost of buying a home.
The JLL team touted the property’s location in Davie, a hub for universities as several campuses are located there.
Located within a mile from Nova Central are Nova Southeastern University’s main campus and satellite campuses for Florida Atlantic University, Broward College, University of Florida’s Fort Lauderdale Research and Education Center and McFatter Technical College and High School.
Nova Central “is a fantastic asset with tremendous growth potential, in large part due to its central location in the town of Davie,” Banke said, adding that the property also is close to major thoroughfares.
Aside from being nearby Interstate 595, a major east-west connector, it also is a short drive from the Florida Turnpike on and off ramps.
Robbins Property, founded by brothers Mitchell and Steve Robbins in 2009, focuses on repositioning multifamily assets. It has 19 properties in Florida, including at least three in South Florida, according to its website. They are Verona at Boynton Beach at 1575 SW Eighth St., Boynton Place at 10492 Boynton Place in Boynton Beach and now Nova Central. The others are in the Tampa and Orlando areas.
Seller Grand Peaks Properties is one of two Grand Peaks companies started by the Simpson family. The other one is multifamily management company Grand Peaks Property Management Inc.
Brokerage HLL worked on this transaction before it was acquired by JLL on July 1, but JLL ultimately closed the deal.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
