American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, announces it has acquired The Marin by Arium, a 223-unit multifamily community in Fort Lauderdale, Florida. The property will be renamed The Pearl and will undergo a $1.7 million capital improvements project.
This is the firm’s 27th Florida community and their 10th in South Florida.
“With more residents and businesses moving to Florida, particularly the South Florida metro, the state’s multifamily market continues to demonstrate clear characteristics that support our portfolio-wide investment objectives,” said Christine DeFilippis, Chief Investment Officer of American Landmark Apartments. “The state is a reflection of the Sunbelt’s overall standing as a region that benefits from a constant flow of new jobs and businesses that further underpin an upward economy.”
The capital improvements program will include numerous upgrades throughout the property. Unit renovations will include stainless steel appliances, tile backsplash, new cabinets, quartz countertops, USB outlets, electronic/smart locks and master closet organizers. Community amenities will feature landscape beautification and upgrades the clubhouse, fitness center, swimming pool furniture, agility park, pet wash and dog park.
Built in 2008, The Pearl is located at 3880 W Broward Blvd. Studios, one-, two- and three-bedroom units include stainless steel appliances, storage units, dishwasher and washer/dryer. Community amenities feature a clubhouse, breakfast/coffee concierge, fitness center, sauna, swimming pool, playground and courtyard.
Situated in west Fort Lauderdale, The Pearl is located near important transit routes and employers. Interstate 595 and Interstate 95 are less than 10 minutes away, providing convenient access throughout South Florida and nearby employers including Fort Lauderdale-Hollywood International Airport and Port Everglades.