Rockpoint Group Buys 365-Unit Town City Center Apartments Near Miami for $87M
The garden-style community offers studio to three-bedroom apartments, as well as two-bedroom townhouses with attached garage entry.
PEMBROKE PINES, FLA. — Rockpoint Group has purchased the 365-unit Town City Center apartment complex in the Miami suburb of Pembroke Pines for $87 million. The Class A community is located at 10700 S.W. City Center Blvd. in Broward County’s master-planned Pembroke Pines City Center development. The seller was The Related Group.
Town City Center was built in 2016. It is situated on 11 acres near upscale shopping centers, golf courses, restaurants and nightlife, with Miami and Fort Lauderdale just 20 miles away. Pembroke Pines City Center is also expected to deliver a new retail concept adjacent to the property’s waterfront site.
The garden-style community offers studio to three-bedroom apartments, as well as two-bedroom townhouses with attached garage entry. In-unit features include patios and porches, washers and dryers, porcelain tiling, stainless steel appliances, and designer vanities. The pet-friendly complex also boasts a two-level fitness studio, pool deck, cabanas, private waterside dock, private screening room and tennis courts.
VStarr Interiors designed Town City Center. Greg Engler, Roberto Pesant and Chris Conklin of Walker & Dunlop’s investment sales team represented both the buyer and seller.
“This transaction exemplifies strong investor demand for well-located, stabilized core assets across the South Florida multifamily market,” says Pesant. “Town City Center will prove to be a prime investment property for Rockpoint.”
Boston-based Rockpoint Group is a global real estate investment management firm that has sponsored 12 commingled funds and related co-investment vehicles. The firm has raised approximately $17 billion in capital commitments and has invested about $13 billion of equity in more than 370 transactions for a total capitalization of about $50 billion.
The Related Group, headquartered in Miami, has built and managed more than 90,000 condominium and apartment residences since 1979. These properties have ranged from luxury high-rise condominiums to public and affordable housing developments.
— Nellie Day