JLL announced today that it has closed the $30.3 million sale of The Gardens at Nova, a 140-unit, value-add multihousing community in Broward County, a prime suburban growth market in South Florida.
JLL marketed the property exclusively on behalf of the seller, Grand Peaks Properties, Inc. Robbins Property Associates purchased the asset.
The Gardens at Nova comprises 16 garden-style residential buildings housing two-bed, two-bath units averaging 1,173 square feet and one clubhouse/leasing office. In addition to the clubhouse, the pet-friendly community features a business center, fitness center, coffee bar, swimming pool, outdoor kitchen with barbeque grill and sun deck. The Gardens at Nova is situated on nine acres at 6857 College Court in Davie, which, as home to the 545-acre South Florida Education Center (SFEC), serves as South Florida’s epicenter of higher education and includes five different educational institutions: Nova Southeastern University, Florida Atlantic University – Davie Campus, Broward College, University of Florida – Fort Lauderdale Research and Education Center and McFatter Technical College and High School. The Gardens at Nova is located directly across the street from SFEC and is proximate to grocers, retail, parks and restaurants. Additionally, the property has easy access to Interstate 595, Broward County’s primary east-west highway, which provides residents with short commutes to downtown Fort Lauderdale and top suburban employment corridors.
The JLL investment advisory team was led by Maurice Habif, Simon Banke and Victor Garcia.
“The Gardens at Nova is a fantastic asset with tremendous growth potential, in large part due to its central location in the Town of Davie, proximate to both major employment and demand drivers, as well as a strong highway network,” Banke said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About Grand Peaks Properties, Inc.
Grand Peaks Properties, Inc. is built on a foundation of over 70 years of multifamily investment spanning three generations. Grand Peaks combines the expertise and discipline of an institutional investment firm with the responsiveness and drive of a private venture group. The company’s biggest asset is its history, which Grand Peaks has leveraged to build a national platform with top-tier talent.
Robbins Property Associates
Robbins Property Associates is a national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management, currently owning over 10,000 multifamily communities in Florida, Maryland and Texas. Since 2009, the company has owned/managed over 27,000 units or 95 communities, and has corporate offices located in Tampa, Florida, and Newton, Massachusetts.
About JLL
JLL is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
