Cortland paid $62.5 million for The Harbour Cove apartments in Pembroke Pines. Eaton Vance sold the 240 units at 1601 S. Hiatus Road. The sales price equated to $260,625 per unit. The South Florida Business Journal reports that Newmark provided a five-year $47.49 million mortgage to the buyer.
The buyer said they will rebrand the community Cortland Harbour Cove. The average unit size is 1,334 per square foot. Amenities include a fitness center, pool, clubhouse, playground, tennis courts and volleyball courts. The community is pet-friendly.
Cortland said it would start renovations on the apartments, including new kitchens and cabinets, in-unit lighting, plumbing fixtures, improvements to the clubhouse, a new playground, a dog park and a pickleball court.
Situated between the city of Hollywood and the Everglades, Pembroke Pines is a vibrant suburb brimming with a broad range of shops, restaurants, and tranquil residential communities. Pembroke Pines, also referred to as Pines, is regarded for its family-friendly atmosphere, punctuated by its excellent schools and many scenic parks. The city is also known for its fantastic shopping options, containing the Pembroke Lakes Mall, Shops at Pembroke Gardens, and countless shopping centers and strip malls strewn along major thoroughfares like Pines Boulevard, Sheridan Street, and University Drive.
Cortland® is a product-to-people, multifamily real estate investment, development, and management company that in-sources most of its multifamily development, design, construction, renovation, management, and ownership functions – all with the goal of providing residents excellent, hospitality-driven living experiences.
Eaton Vance provides advanced investing to forward-thinking investors, applying discipline and long-term perspective to the management of client portfolios. From offices in North America, Europe, Asia and Australia, Eaton Vance’s distinct investment brands offer a broad complement of investment strategies and wealth management solutions. Exemplary service, timely innovation and attractive returns over market cycles have been hallmarks of Eaton Vance since 1924.
