Bainbridge Buys Coconut Creek Rentals From Clarion Partners
From left: Clarion Partners’ David Gilbert and Bainbridge Companies’ Richard Schechter with 5401 Wiles Road (Google Maps, Bainbridge Companies, Clarion Partners)
Bainbridge Companies bought a Coconut Creek apartment complex for $69 million, marking the firm’s continued bet on South Florida’s suburban multifamily market.
Bainbridge bought Solaire at Coconut Creek at 5401 Wiles Road from an affiliate of Clarion Partners, according to records. The buyer took out a $50.7 million loan on the property from Northwest Mutual Life Insurance Company.
The deal for the 270-unit garden-style Solaire breaks down to about $256,000 per apartment.
Built in 2013, the complex spans 15 acres and includes a lake, property records show.
Solaire offers one- to three-bedroom apartments, with rents ranging from $1,608 to $2,639 a month, according to its website.
Bainbridge, based in Wellington, is a multifamily development, investment and management firm with properties across the Southeast U.S. and Texas, its website shows. Led by Chairman and CEO Richard Schechter, Bainbridge has invested in South Florida for years.
It partnered with TPG Real Estate Partners to purchase Allure at Abacoa at 1456 Cades Bay Avenue and 4515 Main Street in Jupiter for $161.1 million in June.
In 2018, Bainbridge cashed out of Marquis Coral Springs at 10890 West Sample Road for $71.7 million.
As South Florida’s multifamily market has boomed over the past two years, so has investors’ appetite for rental complexes.
In Coconut Creek, Chicago-based Mesirow Financial paid $132 million for Broadstone Cypress Hammocks at 5201-5381 West Hillsboro Boulevard in October.
