Nuveen sells South Florida rental building for $53 million
Nuveen just sold a Florida apartment complex for $53 million.
The short version
- Legacy Residential Group bought the 268-unit property in Coconut Creek.
- TD Bank supplied a $35.5 million loan for the purchase.
- The sale comes out to about $196,000 per apartment unit.
Check the property records in Broward County this week. Nuveen Real Estate, the giant investment arm of Teachers Insurance and Annuity Association of America, just sold a 268-unit apartment complex in Coconut Creek, Fla., for $52.6 million after owning it for nearly a decade.
Legacy Residential Group, a Miami-based real estate firm, bought the asset called Landings at Coconut Creek. The 242,178-square-foot property sits at 4854 Fishermans Drive, featuring 22 two-story buildings across 22 acres, complete with a pool and a tennis court. TD Bank, the big New Jersey-based bank chain, supplied a $35.5 million acquisition loan to help the buyers close the deal, according to Commercial Observer.
The sale comes out to just over $196,000 per unit. Nuveen originally purchased the complex for $45.3 million back in 2017. The Chicago-based investment firm has been quietly shedding several of its multifamily properties across South Florida.
Last year, the firm unloaded a 358-unit apartment complex in Miami Gardens for $93.5 million to Greystar, the massive apartment manager. In 2024, it offloaded a 197-unit property in Plantation for $49.4 million, taking a 5 percent loss from what it paid a decade earlier.
Representatives for both Nuveen and the buyers did not immediately respond to requests for comment. For anyone tracking real estate values down south, big institutional owners are cashing out their older buildings.
