CBRE has been retained as exclusive broker for the sale of St. Tropez, a value-add apartment property located in the highly desirable Midtown Business District of Plantation.
The gated community at 8000 Cleary Boulevard includes 376 townhome-style units situated in 29 two-and three-story buildings spanning approximately 38 acres.
“With its design elements, tranquil setting, and exceptional location, St. Tropez provides a competitive advantage within the submarket and represents a compelling opportunity for an investor to increase income substantially through the continuation of an existing in-unit renovation program,” said Robert Given, Vice Chairman, CBRE Capital Markets, Multifamily.
With direct access to I-595, St. Tropez is a very low-density community that features a 10-acre stocked fishing lake and dock, two resort-style pools, state-of-the-art fitness center, and direct-access garages in 90% of the units. Its Midtown Business District location is at the heart of an 860-acre master-planned development with 2.5 million square feet of retail and 3 million square feet of office space. Signage along University Boulevard, Cleary Boulevard, and American Express Way provides visibility to 58,000 cars per day.
St. Tropez also is poised to benefit from current and future economic expansion in the immediate area, including the recent $39 million transformation of Broward Mall; a planned 30-acre $500 million research/office park for Nova Southeastern University; and the planned redevelopment of Fashion Mall into a lifestyle center with residential units, office space, shops and restaurants, which is now owned by Miami Worldcenter developer Art Falcone.
CBRE’s Zachary Sackley and Mary Kate Swann, together with Charles Foschini and Christopher Apone of CBRE Debt & Structured Finance, are collaborating with Mr. Given in representing St. Tropez. Mr. Given and his nine-member team have represented more than 60,000 multi-housing units and land transactions with a value in excess of $11 billion, and recently were presented by the Greater Miami Chamber of Commerce with the Commercial Real Estate Broker Team Award for the 2014 completion of more than 30 transactions valued in excess of $1.6 billion.
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