Mesirow Buys Coconut Creek Apartments From PGIM for $132M

Broadstone Cypress Hammocks apartment complex at 5201-5381 West Hillsboro Boulevard in Coconut Creek with Mesirow Financial’s Natalie Brown and PGIM Real Estate’s Eric Adler (Google Maps, Mesirow, PGIM)

Broadstone Cypress Hammocks apartment complex at 5201-5381 West Hillsboro Boulevard in Coconut Creek with Mesirow Financial’s Natalie Brown and PGIM Real Estate’s Eric Adler (Google Maps, Mesirow, PGIM)

Mesirow Financial continues to bet on Broward County’s multifamily market.

The firm paid $132 million for the Broadstone Cypress Hammocks complex at 5201-5381 West Hillsboro Boulevard in Coconut Creek from an entity tied to PGIM Real Estate, according to records. The deal breaks down to $333,333 per apartment.

Mesirow assumed an existing $37.7 million mortgage on the property and took out an additional $56.5 million loan from The Guardian Life Insurance Company of America.

The purchase marks the first time 396-unit Broadstone Cypress Hammocks has traded since it was developed in 2013. PGIM Real Estate, through an affiliate, paid $12.5 million for the 23-acre site the prior year, a deed shows.

The community offers one- to three-bedroom apartments with monthly rents ranging from $2,162 to $3,005, according to rentals listing website Apartments.com.

Mesirow has joined the plethora of investment firms buying and selling South Florida multifamily real estate amid a market boom over the past two years. Last year, the Chicago-based financial services firm paid $83.5 million for the 1640 Victoria Park apartment complex at 1600-1700 East Sunrise Boulevard in Fort Lauderdale.

Mesirow sold the Sofa (South of Atlantic) community at 151 Southeast Third Avenue in Delray Beach for $82.8 million in November, and then the AMLI Midtown 29 apartments at 180 Northeast 29th Street in Miami for $104.2 million in February.

Mesirow’s portfolio spans $215 billion of assets under supervision, according to its website. Led by CEO Natalie Brown, the employee-owned company offers investment management, capital markets, wealth management and investment banking services.

South Florida’s multifamily market has enjoyed robust investment sales activity, reflecting strong demand for apartments from newly relocated residents and ensuing skyrocketing rents.
Deal volume in the first half of this year totaled $5 billion, second only to the $5.7 billion recorded in the latter half of last year, according to Cushman & Wakefield.

Although Coconut Creek hasn’t scored much of the deal activity, Nuveen dropped $46.5 million for the Waterview at Coconut Creek complex at 3621 Hillsboro Boulevard last year.

In nearby Margate, Covenant Capital Group bought the Blue Isle community at 5100 West Sample Road for $60.9 million this month.

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