Cortland recently acquired The Harbour Cove apartments in Pembroke Pines for $62.5 million from Eaton Vance. This purchase equates to a sales price of $260,625 per unit for the 240-unit property located at 1601 S. Hiatus Road.
According to reports from the South Florida Business Journal, Newmark provided a five-year mortgage worth $47.49 million to Cortland for this acquisition.
Built on a 13.8-acre site in 1996, Harbour Cove spans over 564,130 square feet and is situated on the corner of Pembroke Road and Hiatus Road.
The community will now be rebranded as Cortland Harbour Cove by its new owner who plans to make improvements such as renovating kitchens and cabinets, upgrading lighting fixtures and plumbing systems within each unit, enhancing amenities like the fitness center and clubhouse along with adding new features like a playground area for children, dog park facilities,and pickleball courts.
This recent transaction marks another successful sale by Eaton Vance in which they have unloaded their assets at The Harbour Cove apartments in Pembroke Pines.
