CORAL SPRINGS, Fla., April 27, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Sherwood Forest Apartments, a 400-unit luxury multifamily community in Coral Springs, Florida. The $68.2 million sales price equates to $170,500 per unit.
“Prior ownership spent over $3 million dollars on capital improvements that pave the way for the continued repositioning of this attractive and well-managed asset,” says IPA senior managing director Steve Witten of IPA’s Northeast and Florida team.
Witten, IPA senior managing director Victor Nolletti, and Evan P. Kristol, a Marcus & Millichap senior managing director, represented the seller, a Canadian limited partnership and procured the buyer, a Manhattan-based value-add institutional investor.
Constructed in 1989, the property is located within a quiet residential neighborhood on Northwest 91st Avenue in Coral Springs. The community is completely surrounded by 29-acre Sherwood Forest Park. A dense concentration of retail, entertainment and other neighborhood amenities is less than two blocks away on University Boulevard. Coral Square, a 950,000-square-foot shopping mall, is close by and downtown Fort Lauderdale is 20 miles away.
Sherwood Forest Apartment’s many community amenities include a lake with decorative fountains, two resort-style swimming pools and a 24-hour fitness center. Apartments feature split-plan floor plans, a private balcony or patio and full-size washers and dryers.