Coral Springs apartment complex sells for $34M
The San Remo apartments in Coral Springs sold for $34 million, or $188,888 per unit.
San Remo LLC, an affiliate of Atlanta-based Gables Residential, sold the property at 3400 Coral Springs Drive to Arium San Remo, an affiliate of Investcorp in New York and Caroll Organization in Atlanta. The buyer used a $22.78 million mortgage from Metropolitan Life Insurance Co.
Carroll Organization said it would rebrand the property as Arium San Remo. It's the company's 13th apartment complex in Florida.
"Florida has rebounded exceptionally well since the economic downturn six years ago and is now one of the strongest markets in the country," M. Patrick Carroll, CEO of the Carroll Organization, said in a news release. "Gables San Remo provided us with a fantastic investment opportunity, due to its institutional-quality, attractive location and excellent value-add potential."
The property has 180 units totaling 293,096 square feet and includes a pool, tennis courts and fitness center. It was built by Gables Residential in 1995.
SOURCE: BIZJOURNALS.COM
