The $40.2 million sale of Coral Falls, a 190-unit value-add multi-housing property located in Coral Springs, has been successfully closed. Situated at 2801 N.W. 91st Ave., this property was originally built in 1988 and consists of 19 residential buildings, offering one- and two-bedroom floorplan options. The garden-style apartments span across 195,504 rentable square feet and feature various community amenities such as a clubhouse, fitness center, picnic areas, tennis court, playground, and swimming pool. Notably, despite the challenges posed by the COVID-19 pandemic, Coral Falls has maintained a high performance with 100 percent occupancy and 74 percent resident retention.

Summary of transaction details:

• Property Type: Multi-housing property
• Transaction Amount: $40,200,000.00
• Address: 2801 NW 91st Ave, Pompano Beach, FL
• Market: Coral Springs
• Seller's Rep: Simon Banke (JLL)
• Buyer: Landmark Companies
• Seller: CF Partners, Ltd
• SF: 195,504

The sale transaction was facilitated by JLL Capital Markets. The buyer, Landmark Companies, based in Keasbey, NJ, acquired this property and assumed the loan originally placed on the asset. Working locally with Weirwood Capital, Landmark Companies adds this acquisition to its portfolio of over 3,000 apartment units, making it their second property in Florida. The JLL Capital Markets team representing the seller included Managing Director Maurice Habif, Director Simon Banke, Director Ted Taylor, and Associate Jo Rousseau, who played vital roles in ensuring the successful completion of this transaction.