Rockpoint buys 354 unit resi complex in Pembroke Pines, FL for $87m

Boston-based real estate private equity firm, Rockpoint Group, has closed on the purchase of the Town at Pembroke Pines apatments in an $87 million deal. Located at 10700 City Center Blvd. in Pembroke Pines, Fla., the 365 unit community changed hands for just over $238,355 per unit. The property is part of the Pembroke Pines City Center development, which was master-planned by the city. A $60 million conference, performing arts and art gallery building was recently completed on the site, with Berkadia Commercial Mortgage providing a $47.9 million mortgage to the buyer to complete the sale. The seller, Related Development, is the multifamily component of Miami-based Related Group. “Broward County continues to grow and establish itself as a distinct community,” said Related Development president & CEO Steve Patterson. “Growing employment opportunities and improved lifestyle offerings are driving up demand.”