AvalonBay drops $98M for 270-unit apartment complex in Coconut Creek 

AvalonBay Communities bought a 270-unit apartment complex in Coconut Creek for $98.3 million, marking an uptick in South Florida multifamily investment sales.  Arlington, Virginia-based AvalonBay bought the property at 5401 Wiles Road from an entity tied to Wellington-based Bainbridge Companies and Rockwood Capital, according to records and real estate database Vizzda. The deal breaks down to nearly $364,000 per unit.  The garden-style complex, previously called Solaire at Coconut Creek, was renamed Avalon Coconut Creek after the purchase.  Completed in 2013, Avalon Coconut Creek consists of 12 three-story apartment buildings, a club, gym and pool on a 15.2-acre site, Vizzda records […]This article originally appeared on The Real Deal. Click here to read the full story.