Fort Lauderdale real estate firm buys Pembroke Pines apartments for $52.5 million
A multifamily asset in Pembroke Pines has changed hands for a reduced price compared to its last sale six years ago.
Ventura Pointe, a 206-unit property at 7850 Pasadena Blvd., sold Thursday, Dec. 4 for $52.5 million, property records show. The location spans about 256,480 square feet, according to the Broward County Property Appraiser.
The seller, Ventura Pointe Apartments LLC, affiliated with Dallas-based investment firm Lloyd Jones, transferred the property to Ventura Pointe Owner LLC, a Fort Lauderdale entity managed by investor Bobby T. Castro.
The price marks a drop from Ventura Pointe’s 2019 sale of $55.6 million, which the South Florida Business Journal reported indicates slower rent growth and rising operating costs in the market. The complex also includes a gym, swimming pool, clubhouse and pet park.
The deal works out to about $254,854 per unit of the building, which was built in 2018.
Listings on Apartments.com show units in Ventura Pointe Apartments range from 751 to 1,232 square feet, and the complex primarily offers short-term leases from seven to 15 months.
Castro, the co-founder of Bankers Healthcare Group also leads Ortsac Capital Group, a real-estate investment company behind Ventura Pointe Owner LLC.
