Bainbridge Coral Springs
Cushman & Wakefield announced today that it has been named exclusive advisor for the disposition of Bainbridge Coral Springs, a recently completed, 250-unit core multifamily community in northern Broward County.
The South Florida Multifamily team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn were selected to market the asset by Wellington, FL-based owner The Bainbridge Companies. The property has been brought to market unpriced.
“Pricing of similar assets are exceeding $300,000 per unit,” said Given.
Bainbridge Coral Springs comprises seven, five-story residential buildings offering a mix of one-, two- and three-bedroom apartment homes with modern kitchens, stainless steel appliances, nine-foot ceilings, hardwood-style flooring, washers and dryers, oversized walk-in closets, built-in storage systems, a screened patio or balcony, USB-equipped power outlets and elevator service.
The average unit at Bainbridge Coral Springs is 1,123 square feet with an average rent of $1,980 ($1.76 per square foot). The property delivered its clubhouse in April and is already nearing stabilization.
The gated community features a resort-style swimming pool, outdoor kitchen, fitness center with private training room, clubroom with a bar and kitchen, cybercafé, gaming area, reserved garage parking, pet spa and a community partnership with neighboring Coral Springs Country Club and Golf Course.
“Bainbridge Coral Springs is one of only two apartment communities built within five miles of the property in the last 10-plus years,” said Given. “And because of the lack of available land, no new nearby communities are currently planned. Coral Springs is a very tight apartment market and the strong schools and access to employment makes for a compelling story to investors for years to come.”
Cushman & Wakefield’s Florida Multifamily Team is directed by Given and includes Ballard, Sackley, Neal Victor, Calum Weaver, Errol Blumer and Quinn in South Florida; Luis Elorza and Brad Capas in West Florida; Jay Ballard and Ken Delvillar in Central Florida; and Julie Bohn in Jacksonville. Robert Kaplan, Christopher Lentz and Mark Rutherford handle debt, equity and structured finance for the team out of Cushman & Wakefield’s Miami Office.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.