Waterton Acquires Off-Market Multifamily Property in Plantation, Florida for $88.4 Million

Waterton has purchased a 321-unit residential community located in Plantation, Florida, from Stiles Development for a total of $88.4 million, according to data from Yardi Matrix. The property, known as One Plantation, was completed in 2013 and consists of a 12-story building. Waterton plans to enhance the value of the property through various upgrades. The deal was facilitated by Newmark.

Situated at 1650 SW 78th Ave., One Plantation is centrally located in Broward County, near Fort Lauderdale. The community was developed as part of the Plantation Midtown master plan, a project spanning 860 acres that is expected to include approximately 5.5 million square feet of office and retail space upon completion.

Julie Heigel, Senior Vice President of Acquisitions at Waterton, expressed that the property’s prime location in central Broward County was a key factor in their interest. One Plantation is conveniently positioned at the intersection of University Drive and I-595, offering excellent visibility and efficient access to major employment hubs in downtown Fort Lauderdale, Sunrise, and Davie.

One Plantation holds a LEED Certified Silver designation and currently maintains an impressive 95 percent occupancy rate, as reported by Yardi Matrix. The community comprises one-, two-, and three-bedroom residences, each featuring private patios or balconies, walk-in closets, in-unit washers and dryers, and hurricane impact windows. Residents can enjoy a range of amenities, including a resident clubhouse with a movie theater, catering kitchen, cycle studio, business center, private workrooms, lounge areas, a pool, and a dog park.

As part of the planned upgrades, the existing tennis courts located on the rooftop of the parking garage will be transformed into pickleball courts. The four-story clubhouse building will undergo improvements to furniture, WiFi, and equipment, while individual units will be renovated with updated flooring, countertops, and appliances.

Residents of One Plantation have convenient access to retail, dining, and entertainment options, as well as golf courses and country clubs. Prominent employers in the vicinity include American Express, Aetna, Nova Southeastern University, and several hospitals. Downtown Fort Lauderdale is only a 15-minute drive away.

This acquisition adds to Waterton’s existing presence in the region, as the company already owns District West Gables in West Miami and the Verona at Boynton Beach. Furthermore, Waterton has been expanding its portfolio beyond South Florida. Earlier this year, they reentered the Seattle market with the purchase of State Apartments in Kirkland, Washington, for $63.5 million. Similar to One Plantation, Waterton plans to implement a capital improvements plan for that property as well.