Waterton buys for $81M, NADG scores $121M loan amid Palm Beach-area apartment shortage
Investors snapped up an $81 million Broward County apartment complex, while developers secured a $121 million construction loan for a Palm Beach County project this week. David Schwartz’s Waterton Residential dropped $80.5 million on a 358-unit apartment complex in Pembroke Pines. The deal worked out to $224,900 per unit. An affiliate of the Chicago-based company acquired The Landings at Pembroke Lake Apartments from an affiliate of Coral Gables-based Bar Invest Group. The 282,100-square-foot property at 10650 Washington Street includes 17 two-story residential buildings, a clubhouse, a pool and tennis courts. The complex was built in 1989, property records show. Units […]This article originally appeared on The Real Deal. Click here to read the full story.
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