Brookfield Properties has acquired the Turtle Cove apartments, located just outside West Palm Beach, from Starwood Capital Group for $107.5 million. The sale of this 444-unit complex at 825 Cotton Bay Drive East marks a significant increase from its previous sale price of $61.5 million in 2016.
This transaction was part of a larger portfolio deal between Starwood and Brookfield, with the former agreeing to pay $1.55 billion for 23 apartment communities across the United States totaling approximately 7,300 units. Along with Turtle Cove, other properties included in this agreement were Miramar Lakes in Miramar and Sabal Pointe in Coral Springs.
Built on a spacious lakefront site spanning over 36 acres, Turtle Cove offers a total area of over four hundred thousand square feet and was originally constructed in1986.
The apartments at Turtle Cove range from cozy one-bedroom units measuring at least six hundred sixty-five square feet to more spacious two-bedroom options reaching up to eleven hundred sixty square feet; rental rates vary between $1,765 and $2
