Eastwind Development is moving forward with its plan to build a new Pembroke Pines apartment community after closing a $6.3 million deal for the land it needs.
The deal includes about 9.77 acres of land east of North University Drive and south of Sheridan Street, according to an announcement about the sale from Eastwind’s brokerage ARA Newmark.
Eastwind now plans to build a Class A apartment community on the site called Ventura Pointe. Plans call for 206 apartments spread over four mid-rise buildings, with amenities including a two-story clubhouse, fitness center, business center, pool and spa area.
The multifamily builder expects to break ground in the third quarter of this year, with a completion date slated for summer 2017. Eastwind financed its purchase with a loan from Florida Community Bank, though the monetary amount was not disclosed. The deal has not yet cleared public records.
ARA Newmark’s Troy Ballard and Avery Klann brokered the deal on behalf of Eastwind.
“This is a great opportunity to develop a new, high end community in a very dynamic market within Broward County” Ron Roan, vice president of development and acquisitions for Eastwind, said in the announcement. “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.”
Eastwind has been an active part of South Florida’s multifamily boom of recent years: the company sold two apartment communities earlier this year for a combined $66 million, and celebrated the grand opening of its newest complex in Jupiter in February.
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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.”
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