Plantation, FL – November 24, 2015 – CBRE has arranged the sale of St. Tropez, a value-add apartment property located in the highly desirable Midtown Business District of Plantation, Florida. The gated community at 8000 Cleary Boulevard was acquired by Lincoln from PNC Realty Investors, as investment advisor to the AFL-CIO Building Investment Trust. The community includes 376 townhome-style units situated in 29 two-and three-story buildings spanning approximately 38 acres. CBRE represented the seller in the transaction.
“With its design elements, tranquil setting and exceptional location, St. Tropez provides a competitive advantage within the submarket and represents a compelling opportunity for an investor to increase income substantially through the continuation of an existing in-unit renovation program,” said Robert Given, Vice Chairman, CBRE Capital Markets, Multifamily.
“St. Tropez, with its prime location in an established market, meets our acquisition criteria including convenient access to office and retail, superior resident demographics, and a value-add opportunity. It is a great addition to Lincoln’s portfolio and allows us to further expand our presence in the South Florida region,” said Michelle Lara, Acquisition and Development Associate at Lincoln Property Company.
With direct access to I-595, St. Tropez is a very low-density community that features a 10-acre stocked fishing lake and dock, two resort-style pools, state-of-the-art fitness center, and direct-access garages in 90% of the units. Its Midtown Business District location is at the heart of an 860-acre master-planned development with 2.5 million square feet of retail and 3 million square feet of office space. Signage along University Boulevard, Cleary Boulevard, and American Express Way provides visibility to 58,000 cars per day.
St. Tropez also is poised to benefit from current and future economic expansion in the immediate area, including the recent $39 million transformation of Broward Mall; a planned 30-acre $500 million research/office park for Nova Southeastern University; and the planned redevelopment of Fashion Mall into a lifestyle center with residential units, office space, shops and restaurants.
CBRE’s Zachary Sackley and Mary Kate Swann, together with Charles Foschini and Christopher Apone of CBRE Debt & Structured Finance, collaborated with Mr. Given in arranging the sale. Mr. Given and his nine-member team have represented more than 60,000 multi-housing units and land transactions with a value in excess of $11 billion, and recently were presented by the Greater Miami Chamber of Commerce with the Commercial Real Estate Broker Team Award for the 2014 completion of more than 30 transactions valued in excess of $1.6 billion.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.