Chicago-based real estate investor Waterton announced November 18 that it acquired Port Royale in Fort Lauderdale, which is one of three rental communities along the Intracoastal Waterway. The apartment community features 553 garden-style units with access to a plethora of amenities and entertainment options.
Waterton has a reputation for investing in Florida properties, along the Southeast coast, Southwest coast and in Central Florida. The company owns seven communities in the region comprising more than 3,100 units.
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The company is planning to add some value to the properties as well by improving the on-site amenities, such as adding new flooring, granite countertops, updated fixtures, stainless steel appliances and more. Community members also have access to a two-level fitness center, yoga studio, two outdoor swimming pools, a community grilling area, on-site marina and walking paths.
Port Royale’s ideal location near downtown Fort Lauderdale and the Cypress Creek business corridor makes it an even more appealing investment property because of the expected growth of the region.
“Given the diverse, ongoing job growth in Broward County and a recent uptick in household formation, demand for apartments has outpaced new supply growth in the area,” said Maxwell Peek, senior vice president of acquisitions at Waterton, in a statement.
“We expect this trend to continue as rising single-family home prices keep existing renters – many of whom have grown accustomed to the flexibility of the rental lifestyle – from transitioning into homeownership.”
