Clarion Partners Acquires Manor in Plantation for $49.35M

Clarion Partners, a New York-based asset management division of Franklin Templeton Investments, recently purchased a multifamily property in Plantation, Florida. The property, known as The Manor in Plantation, was acquired for $49.4 million. This price is nearly $3 million less than what it sold for a decade ago, highlighting a notable discount in the current real estate market.

Details of The Manor in Plantation

The Manor in Plantation is a six-story building located at 601 NW 82nd Avenue, west of North University Drive. The property comprises 181 units, with the sale price averaging approximately $272,900 per apartment. This transaction illustrates the current trend in the South Florida real estate market, where prices for multifamily properties have generally appreciated, although this particular sale reflects a decrease.

Market Context and Comparison

The previous owner, Nuveen, a real estate investor associated with the Teachers Insurance and Annuity Association of America, bought the 327,367-square-foot property for $52.1 million in 2014. This was the same year the building was completed by Jorge Pérez’s Related Group. Over the past decade, the property's value has decreased by about 5%. Despite this drop, the broader market in South Florida has seen a cooling in multifamily sales, although most properties have still increased in value from their last transactions.

Recent Trends in South Florida Real Estate

The acquisition by Clarion Partners stands out against the backdrop of larger multifamily deals in South Florida this year. For instance, Pantzer Properties and Ares Management each spent around $139 million on properties in Doral and Boca Raton, respectively, marking some of the largest transactions in the state. The purchase of The Manor in Plantation reflects a unique case in a market that has otherwise experienced growth.

Lack of Comment from Involved Parties

At the time of reporting, neither Nuveen nor Clarion Partners had responded to requests for comments regarding the transaction. This leaves questions about the motivations and future plans for The Manor in Plantation, as well as the broader strategic implications for both companies in the South Florida real estate market.