Nuveen Sells South Florida Rental for $53M – Commercial Observer
Nuveen Real Estate sold a multifamily property in Broward County, Fla., for $52.6 million after nearly a decade of ownership, property records show.
Legacy Residential Group purchased the 268-unit asset, called Landings at Coconut Creek. The 242,178-square-foot property is located at 4854 Fishermans Drive, just south of West Sample Road, about a mile and half west of the Florida Turnpike, in Coconut Creek.
TD Bank supplied a $35.5 million acquisition loan to the Miami-based buyer. The sale comes out to just over $196,000 per unit. The complex is 94 percent occupied, a spokesperson for Nuveen told Commercial Observer.
Built in 1986, the 22-acre property features 22 two-story buildings as well as a pool and a tennis court. Nuveen — the real estate investment arm of Teachers Insurance and Annuity Association of America — purchased the complex for $45.3 million in 2017. The Chicago-based investment firm has been selling off some of its multifamily assets in South Florida.
Last year, the firm sold a 358-unit apartment complex in Miami Gardens for $93.5 million to Greystar. In 2024, it offloaded a 197-unit property in Plantation for $49.4 million, a price that represented a 5 percent loss from its purchase price a decade earlier.
A representative for Legacy Residential Group did not immediately respond to requests for comment.
Update: The story was updated to include the property’s occupancy rate.
Julia Echikson can be reached at jechikson@commercialobserver.com.
