Waterton, a national real estate investor and operator, announced it will expand its footprint in South Florida with the acquisition of One Plantation, a 321-unit apartment community at 1650 SW 78th Ave. in Plantation, FL. Built in 2013 as part of the 860-acre Plantation Midtown master plan, the 12-story apartment tower is at the center of two South Florida employment nodes — Sunrise/Sawgrass/Weston and downtown Fort Lauderdale. This LEED-certified community has been well-maintained and Waterton will execute its signature value add upgrades to bring the property in line with competing newer product in the area.
“One Plantation is located in the heart of central Broward County with convenient access to several employment nodes, including downtown Fort Lauderdale,” said Julie Heigel, Senior Vice President, Acquisitions, for Waterton in a statement. “The property has been well-maintained and will benefit from a thoughtful renovation that we believe will attract area professionals and families.”
Located at the intersection of I-595 and University Drive, One Plantation is at the center of a diverse employment base as well as a variety of retail, entertainment, and dining options. Major employers nearby include Nova Southeastern University, American Express and Aetna, along with several large hospitals. The location is in the Plantation Midtown District master plan which, upon completion, will have 3 million square feet of office space and 2.5 million square feet of retail space. The surrounding neighborhood also features single-family homes, golf courses and country clubs.
The community is across the street from the South Florida Education Center, a consortium of educational institutions ranging from pre-elementary to postdoctoral education located in the town of Davie, and is approximately a 15-minute drive to both the Downtown Fort Lauderdale and Sunrise/Sawgrass/Weston – home to the Cleveland Clinic – employment centers.
“One Plantation offers residents an expansive amenity package as well as a variety of well-thought-out floor plans,” said Heigel. “The on-site clubhouse and parking garage are also attractive to a variety of renters who are increasingly priced out of more expensive markets such as Miami and West Palm Beach. It’s a great opportunity to add a high density product to our Florida portfolio.”
The unit mix at One Plantation includes one-, two- and three-bedroom floor plans that feature nine-foot ceilings on floors 2 through 11 and ten-foot ceilings on the first floor and top floor. All units include floor to ceiling hurricane impact windows, private terraces or balconies, granite countertops, a combination of porcelain tile and luxury vinyl plank flooring, walk-in closets, European shaker-style cabinetry, Energy Star Whirlpool kitchen appliances and full-size washer/dryers. Waterton plans to execute an interior unit renovation program, including but not limited to, flooring, countertop and appliance upgrades, in order to better position the property within its competitive set.
The four-story standalone clubhouse offers a business center and private work rooms, a movie theatre, multiple resident lounge areas, on-site dog park, catering kitchen and a fitness center with a cycle studio. Waterton plans to enhance the existing clubhouse to include a variety of spaces for individual use or group meetings, upgrade furniture, fixtures and equipment and convert the existing parking garage rooftop tennis courts to pickleball courts as the popular sport continues to gain momentum nationwide. As part of the renovation, Waterton will also upgrade wifi connectivity for high-speed internet access and improved cell service across the property.
Newmark’s South Florida team brokered the transaction.
