Waterton Acquires Pembroke Pines Apartment Community in $80.5M Deal

Chicago-based Waterton has acquired the Landings at Pembroke Lakes, a 358-unit multifamily property in Pembroke Pines, Fla., for $80.5 million. According to Commercial Observer, the garden-style community sits at 10650 Washington Street and was built around a 45-acre lake.

The purchase adds another South Florida apartment asset to Waterton’s holdings. The firm said it plans to renovate the property, which was completed in 1989.

Key Details

Waterton was the buyer, while the seller was Bar Invest. The source said Bar Invest bought the 27-acre property for $79.5 million in 2021, citing the South Florida Business Journal, though it also noted that no deed has been filed in property records.

The Landings at Pembroke Lakes is located about a mile north of Pembroke Road near Miramar. The property contains 358 apartments, and the sale price works out to just under $225,000 per unit. Walker & Dunlop arranged the transaction.

Waterton took out financing for the acquisition but did not disclose further details. The company also declined to provide the property’s occupancy rate.

In a statement included in the source, Casey Mog, vice president of acquisitions at Waterton, said: “The Landings at Pembroke Lakes is well positioned to serve renters seeking a more accessible option in the Fort Lauderdale and Miami region.”

The company said the acquisition increased Waterton’s portfolio to 1,450 units. In South Florida, the firm also owns the 321-unit One Plantation, which it bought for $88.3 million in 2023, and the 216-unit Verona at Boynton Beach, acquired for $80 million in 2022.

A representative for the seller could not be reached for comment, the source reported.

Why It Matters

This transaction stands out because it reflects continued investor interest in well-located multifamily properties in South Florida, particularly assets that offer renovation potential. For CRE professionals, the deal is also notable for its combination of scale, lakeside setting and suburban location within the broader Fort Lauderdale-Miami region.

It also underscores how buyers such as Waterton are still pursuing apartment communities where upgrades may help reposition older properties. Even with limited financing and occupancy details disclosed, the purchase shows that established multifamily owners remain active in South Florida’s investment market.