Waterton Residential just wrote an $80.5 million check for The Landings at Pembroke Lakes in Pembroke Pines, scooping up a 358-unit garden-style apartment community that wraps around a lake on roughly 26.6 acres. Built in 1989, the property comes with the standard suburban-resort lineup: pool, clubhouse and tennis courts. The deal, which pencils out to about $225,000 per unit, slots neatly into Waterton’s national portfolio as investors keep chasing South Florida multifamily assets.
According to Connect CRE, the seller was Bar Invest Group and the transaction closed at $80.5 million. Connect CRE notes that the price works out to nearly $225,000 per unit for the 358 apartments, citing local records and market reporting for the deal details.
The Landings totals roughly 282,100 square feet across 17 two-story residential buildings at 10650 Washington Street in Pembroke Pines, The Real Deal reports. That outlet points out that the community sits amid lakes and mature landscaping. Earlier coverage shows Bar Invest Group acquired the asset in 2021, setting up a small gain on resale.
What the Numbers Say
Listings show units range from about 486 to 1,046 square feet, with asking rents running roughly $1,876 to $2,736 per month, according to Apartments.com. The community totals about 282,100 square feet across its 17 buildings on approximately 26.6 acres, according to The Real Deal. Given the scale and current rents, buyers are effectively betting on steady cash flow with some upside from modest interior and amenity upgrades rather than a heavy redevelopment play.
Why Investors Are Bidding Up South Florida
Market coverage has flagged a shortage of new apartment deliveries in parts of Palm Beach and Broward counties, which is pushing investors toward existing, well-located communities, The Real Deal reports. At the same time, industry analysis, including reviews of First American’s Q1 2026 modeling, shows observed cap rates clustering in the mid-single digits, tightening yields compared with pandemic lows, according to CRE Daily. Put together, tight local supply and still-attractive income profiles help explain why institutional buyers are willing to pay premiums for stabilized suburban stock.
What Waterton Might Do Next
Waterton markets itself as a value-add operator focused on U.S. multifamily and hospitality assets, and its public materials emphasize renovation-led strategies to drive income growth. The firm has executed similar upgrades elsewhere, and trade coverage indicates it plans light capital work on interiors and common areas at The Landings rather than a major overhaul. REBusinessOnline reports that Walker & Dunlop represented the parties and arranged acquisition financing.
For renters and neighbors, the ownership change likely means a round of refreshes to units and shared spaces instead of bulldozers. As reported by the South Florida Business Journal, the asset last traded in 2021 for about $79.5 million, a benchmark buyers and brokers will be watching as they judge how Waterton’s investment performs.
