FORT LAUDERDALE, FL - Waterton, a U.S. real estate investor and operator, announced the acquisition of Port Royale, a 553-unit garden-style apartment community in Fort Lauderdale, Florida – one of three rental communities located along the popular Intracoastal Waterway.
Situated on 36 acres of land, Port Royale includes a mix of one- and two-bedroom apartments and a full suite of amenities, including a two-level fitness center with yoga studio, a pair of outdoor swimming pools, a community grilling area, walking paths and an on-site marina with boat slips. Built in three phases between 1988 and 1990, the Port Royal complex also includes a 230-unit condominium tower and new 555-unit apartment development – formerly part of Phase I – that were not included in Waterton’s acquisition.
“As one of the only apartment communities on the Intracoastal, Port Royale offers a unique residential experience that will be further enhanced by our planned improvements to the property,” said Maxwell Peek, senior vice president of acquisitions at Waterton. “The community’s desirable location and value-add potential made it highly attractive from an investment standpoint.”
Individual residences at Port Royale are currently undergoing renovations to include stainless steel appliances, granite countertops and updated fixtures and flooring. Apartments also feature in-unit laundry and private patios or balconies, many with views of the adjacent waterway.
Port Royale is minutes from several major employment centers, including downtown Fort Lauderdale – six miles south of the property – and the Cypress Creek business corridor. In addition, the community’s proximity to major thoroughfares like Federal Highway and Interstate 95 allows for convenient access to Fort Lauderdale-Miami International Airport and nearby shopping, dining and entertainment destinations, including Sawgrass Mills, the BB&T Center and Seminole Hard Rock Hotel & Casino.
“Given the diverse, ongoing job growth in Broward County and a recent uptick in household formation, demand for apartments has outpaced new supply growth in the area,” said Peek. “We expect this trend to continue as rising single-family home prices keep existing renters – many of whom have grown accustomed to the flexibility of the rental lifestyle – from transitioning into homeownership.”
Port Royale marks Waterton’s eighth acquisition in 2015 and expands the firm’s current Florida portfolio to seven communities comprising more than 3,100 units. Waterton also owns additional communities in Southeast Florida, Southwest Florida, and Central Florida.