Cortland paid $62.5 million for The Harbour Cove apartments in Pembroke Pines. Eaton Vance sold the 240 units at 1601 S. Hiatus Road. The sales price equated to $260,625 per unit. The South Florida Business Journal reports that Newmark provided a five-year $47.49 million mortgage to the buyer.
Totaling 564,130 square feet, Harbour Cove was built on the 13.8-acre site on the corner of Pembroke Road and Hiatus Road in 1996.
The buyer said they will rebrand the community Cortland Harbour Cove. The average unit size is 1,334 per square foot. Amenities include a fitness center, pool, clubhouse, playground, tennis courts and volleyball courts.
Cortland said it would start renovations on the apartments, including new kitchens and cabinets, in-unit lighting, plumbing fixtures, improvements to the clubhouse, a new playground, a dog park and a pickleball court.
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