Boardwalk Properties Acquires Newly Constructed 394-Unit Apartment Community in Florida for $119 Million

FORT LAUDERDALE, FL - Boardwalk Properties closed on a newly constructed 394-unit resort-style apartment complex for $119 million. The sellers were Pacific Investment Management Company, LLC (PIMCO) and Greystar. Boardwalk will rename the property THE AVENUE from its current name, Elan Maison.

The purchase of the property reflects Boardwalk’s strong growth, especially over the past 10 months (in February 2018, the company acquired The Queue Apartments, a 191-unit rental property in downtown Fort Lauderdale, for $53 million.) The company invests in the multifamily sector in South Florida, recently focusing on Broward County.

The resort-style complex includes one, two, and three bedroom units. Units feature stainless-steel appliances, wood-style flooring, oversized windows and laundry rooms with full-size washers/dryers. Common amenities include a three-level clubhouse with fitness center, yoga studio, social spaces with flat screen TVs, Wi-Fi and a billiards room. The 15-acre property includes two resort style swimming pools, cabanas, shuffleboard, bocce ball, two dog parks, outdoor kitchen, herb garden, grilling stations, dining areas and a fire pit.

"The acquisition of the property at 6220 Reese Road is a significant milestone for us at Boardwalk, as we look to expand and diversify our portfolio.” said Adam Walker, principal of Boardwalk Properties. “Our company continues to place an emphasis on long term growth in neighborhoods with sustained values.”

Representing Boardwalk Properties in the transaction was attorney Neil Rollnick from Hinshaw & Culbertson LLP, who has worked with Boardwalk since its inception in 2014. 

Boardwalk has teamed up with Urban Resource, a boutique real estate management firm, for the on-site management at THE AVENUE. Urban Resource manages in excess of 5,000 units in South Florida.

Boardwalk Properties is a family-run business with roots in New York; Toronto, Canada; and South Florida. Notable acquisitions include: a 240-unit portfolio in South Beach for $59 million;  The Queue Apartments, a 191-unit building located at 817 SE 2nd Avenue, in downtown Fort Lauderdale, for $53 million. The seven-story project offers studios, one, two, and three bedroom units. Amenities include a state-of-the-art two-story gym, swimming pool, outdoor barbeque and dog park.