Nuveen Real Estate sold a 197-unit apartment complex in Plantation for $49.4 million, marking a 5 percent discount from the firm’s purchase price a decade ago.
New York-based Clarion Partners bought The Manor in Plantation from New York-based Nuveen Real Estate, according to records and real estate database Vizzda. The deal breaks down to $250,508 per unit.
The complex consists of a six-story, 181-unit building at 601 Northwest 82nd Avenue and four three-story townhome rental buildings with 16 units, combined, at 501-537 Northwest 84th Avenue, records and Vizzda data show. The complex offers one- and two-bedroom units, with monthly rents ranging from $1,978 to $4,882, according to Apartments.com.
The Pérez family’s Coconut Grove-based Related Group and Newark, New Jersey-based PGIM Real Estate completed the complex in 2013 and sold it in 2014 to Nuveen Real Estate for $52.1 million, records show.
The latest discounted sale comes amid economic headwinds, including elevated interest rates and skyrocketing insurance premiums, that have plagued real estate investors in Florida. South Florida’s multifamily market is no longer experiencing the unprecedented rent hikes of the past four years. A record number of apartments under construction and a slowdown of the influx of out-of-state residents have led rents to plateau, and some data sources show they are dropping.
While most of South Florida’s discounted deals have been for offices, some investors have sold apartment properties for less than they paid. Last year, investors Arvind Reddy and Krishna Persaud sold the 124-unit Amberstone Apartments at 470-530 East McNab Road in Pompano Beach for $24.1 million, an 8 percent discount from their purchase price in 2022.
Also last year, Honolulu-based Shidler Group sold the 276-unit Riverland Apartments at 420-432 Southwest 27th Avenue in Fort Lauderdale for $84 million, marking a 22 percent discount from the firm’s purchase price in 2022.