AEW Capital Sells Coral Springs Rentals to The Connor Group
Six months after buying its first South Florida multifamily property, The Connor Group is coming back for seconds.
The Dayton, Ohio-based firm bought The Villas at Wyndham Lakes, a nearly 20-acre complex at 11500 Northwest 56th Drive in Coral Springs, for $121 million from AEW Capital Management, according to records and real estate database Vizzda. The buyer assumed a $51.6 million loan on the property from AEW and boosted it to $78.7 million.
The purchase of the 332-unit complex breaks down to nearly $365,000 per apartment.
The Villas consists of 22 three-story apartment buildings completed in the late 1990s, records and Vizzda show. The garden-style complex offers one-bedroom to three-bedroom units, with monthly rents ranging from $2,199 to $3,399, according to Apartments.com.
Connor, founded in 1992 and led by Larry Connor, is an owner and operator of apartment properties nationwide, its website shows. The firm’s portfolio spans $3.7 billion in assets.
In December, the firm paid $138 million for a pair of adjacent apartment complexes in Miramar with 371 total units. The properties, now combined into one community called the Grand Riviera Miramar, are at 11900 Southwest 31st Court and 3040 Southwest 119th Avenue in the Broward County city.
Global real estate investment manager AEW’s portfolio spans $91.6 billion of assets under management for more than 800 clients, according to the firm’s website. Based in Boston, AEW has properties throughout North America, Europe and Asia. Jonathan Martin is CEO of its North America division.
The firm has been a prolific South Florida investor. In 2021, AEW scooped up the Shops at Beacon Lakes at 1700-1970 Northwest 117th Place in unincorporated Miami-Dade County near Sweetwater for $108 million. That price made it South Florida’s biggest retail deal in 2021.
The same year, AEW paid $123 million for the Tamiami Landings apartment complex near the intersection of Southwest 152nd Avenue and 136th Street in south Miami-Dade and the Banyan Ridge complex at 7065 Banyan Leaf Drive near West Palm Beach.
The Coral Springs deal comes amid an uptick in multifamily investment sales in South Florida in recent weeks, following a dry spell that set in late last year as acquisition financing grew more expensive.
Earlier this month, Related Group and Rockpoint sold the Manor Lantana complex at 861 Water Tower Way in Lantana for $138 million to Praedium Group. Also, PGIM Real Estate sold One Plantation at 1600-1700 Southwest 78th Avenue for $88.4 million to Waterton.
