Symphony Residential nabs apartment complex near Sawgrass Mills

Posted :
June 25, 2020
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As reported in The Real Deal.

Symphony Residential bought an apartment complex near Sawgrass Mills for $16.9 million.

The Coral Springs-based investment firm bought the 129-unit Vizcaya Villas at 10011 South Nob Hill Circle in Tamarac for $130,620 per unit, according to CoStar. Hollywood-based Coastline Management Group sold the property.

The property is east of the Sawgrass Expressway and south of Atlantic Boulevard.

The property was built in 1990 and consists of 18 one-story buildings featuring a mix of one- and two-bedroom units. The apartments are within five minutes of Sawgrass Mills.

The development last sold for $12.35 million in 2017, records show. The previous seller, Greenview Tamarac, restored the complex’s interiors and common areas and made structural repairs.

Symphony Residential has built and sold over 1,000 homes over the past two decades, totaling more than $250 million in sales, according to its website.

Demand for apartments in the western Broward County suburbs has exploded in recent years as rents in Fort Lauderdale and Miami’s urban core have become unaffordable to many renters. Western Broward County also attracted large corporate tenants like American Express, which has its regional headquarters in Sunrise.