Waterton Residential has acquired The Landings at Pembroke Lakes Apartments in Pembroke Pines for $80.5 million, marking the latest institutional trade in the South Florida multifamily market. The seller was Bar Invest Group. According to reporting cited in the article, the same property last changed hands in 2021 for $79.5 million, indicating a relatively narrow gain in value over the most recent holding period.
The Landings at Pembroke Lakes is a 358-unit multifamily community situated on a 26.6-acre site along a lake. The apartment complex totals 282,107 square feet and was originally built in 1989. The community offers a range of amenities including a swimming pool, a clubhouse and tennis courts, aligning the asset with institutional-quality garden-style multifamily product.
Individual residences at the property vary in size from 486 square feet to 1,046 square feet. Reported asking rents span from $1,876 per month at the lower end of the unit mix to $2,736 per month at the upper end. Based on the cited transaction price and unit count, the community traded for nearly $225,000 per unit, reinforcing its positioning within the higher-priced, institutionally targeted segment of the market.
On its corporate webpage, Waterton describes its investment strategy as focusing on U.S. multifamily and hospitality properties, with particular emphasis on value-add opportunities. The acquisition of The Landings at Pembroke Lakes fits within that stated focus on apartment assets, although the article does not detail any specific renovation or repositioning plans for this community.
The article notes that, despite the relatively modest profit between the 2021 sale and the current transaction, institutional apartment properties in South Florida are still described as trading at a premium, according to Miami Realtors. In support of that characterization, the piece cites data showing that Fort Lauderdale recently ranked first among 30 major U.S. markets for multifamily investment profitability, with cap rates reported at around 6.3%. This context places the Pembroke Pines trade within a broader regional pattern of sustained investor interest and comparatively attractive returns for multifamily assets.
While the report highlights pricing, unit-level metrics and amenity offerings, it does not provide further detail on financing terms, specific capital plans or the expected hold strategy for the new owner. Even so, the combination of a near flat but positive price movement since 2021 and continued premium pricing for institutional properties points to ongoing investor appetite for stabilized multifamily communities in this part of South Florida.
