Waterton, the Chicago-based investment firm, acquired the Landings at Pembroke Lakes in Pembroke Pines, Florida for $80.5 million. The 358-unit garden-style multifamily property sits on 45 acres centered around a lake at 10650 Washington Street, roughly one mile north of Pembroke Road near Miramar.
The deal signals continued institutional appetite for South Florida rental assets despite rising interest rates and affordability pressures across the region. Waterton's purchase adds to a steady flow of large multifamily acquisitions in Broward County, where developers and investors remain focused on the area's population growth and limited new supply.
For current tenants, Waterton's ownership typically brings operational improvements and potential rent increases tied to market conditions. The firm's track record emphasizes professional management and capital reinvestment in properties. Landlords selling appreciated assets benefit from the strong buyer interest in Florida's rental market, where property values have risen significantly over the past three years.
Prospective renters in Pembroke Pines should expect market-rate pricing aligned with Broward County standards, currently ranging from $1,400 to $2,100 monthly depending on unit size. Waterton's entry into this submarket reflects confidence in the area's demographic tailwinds, particularly among renters seeking suburban locations with access to amenities.
The transaction underscores how institutional capital remains committed to multifamily real estate in South Florida despite broader economic headwinds. Pembroke Pines, home to over 160,000 residents, offers Waterton stable cash flow from a densely populated corridor. For sellers, the $80.5 million price demonstrates sustained valuations for well-maintained garden-style communities with strong occupancy.