From left: Clarion Partners’ David Gilbert and Bainbridge Companies’ Richard Schechter with 5401 Wiles Highway (Google Maps, Bainbridge Providers, Clarion Companions)
Bainbridge Organizations purchased a Coconut Creek condominium advanced for $69 million, marking the firm’s ongoing guess on South Florida’s suburban multifamily market.
Bainbridge acquired Solaire at Coconut Creek at 5401 Wiles Road from an affiliate of Clarion Associates, in accordance to documents. The consumer took out a $50.7 million bank loan on the home from Northwest Mutual Life Insurance policy Firm.
The offer for the 270-device back garden-model Solaire breaks down to about $256,000 per condominium.
Designed in 2013, the advanced spans 15 acres and incorporates a lake, house data demonstrate.
Solaire gives 1- to a few-bedroom flats, with rents ranging from $1,608 to $2,639 a thirty day period, in accordance to its web site.
Bainbridge, centered in Wellington, is a multifamily advancement, expense and management organization with properties across the Southeast U.S. and Texas, its web site reveals. Led by Chairman and CEO Richard Schechter, Bainbridge has invested in South Florida for decades.
It partnered with TPG Real Estate Associates to acquire Attract at Abacoa at 1456 Cades Bay Avenue and 4515 Principal Road in Jupiter for $161.1 million in June.
In 2018, Bainbridge cashed out of Marquis Coral Springs at 10890 West Sample Road for $71.7 million.
As South Florida’s multifamily market place has boomed more than the earlier two yrs, so has investors’ hunger for rental complexes.
In Coconut Creek, Chicago-based Mesirow Economical paid out $132 million for Broadstone Cypress Hammocks at 5201-5381 West Hillsboro Boulevard in October.
