Five-story apartment complex to rise on newly acquired Broward site

News / 04.19.20160 comments

An affiliate of Eastwind Development paid $6.3 million for a site in Pembroke Pines, where it plans to build an apartment community.

ARA executives Troy Ballard and Avery Klann represented buyer Ventura Pointe Housing, an affiliate of Palm Beach Gardens-based Eastwide Development, in the deal. The seller was Chieftain Pembroke, managed by Dev Motwani and Thomas Sherman, and represented by CBRE’s Robert Given.

The 9.8-acre site, on the east side of University Drive on the south side of where Pasadena Boulevard ends, last traded for $2.4 million in 2012. It’s between Memorial Hospital Pembroke and the Walnut Creek neighborhood.

Eastwind plans to build 206 apartments on the site, which already had its plans approved by the city. The buildings will be four and five stories tall. The project will include a clubhouse, fitness center, pool and spa. The developer plans to break ground in the third quarter and finish construction in the summer of 2017.

Florida Community Bank provided the financing, ARA said.

“This is a great opportunity to develop a new high-end community in a very dynamic market within Broward County,” said Ron Roan, VP of development and acquisitions for Eastwind Development. “One of the factors that we found very attractive about this site is the scarcity of undeveloped land in the area, which will limit future competition.”

Original article can be found on BizJournals.com

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