MIAMI, FL – Miami-based real estate investment firm Circle Capital Partners, which specializes in multi-family acquisitions and development, land entitlement, and private and institutional capital raising, has completed the $22.22 million purchase of Heron Landing, a 144-unit apartment complex in the fast-growing Sunrise, Florida area.
Circle Capital arranged financing through Graystone Service Co. and will retain Weller Management to manage the 159,722-square-foot, 9.2-acre property built in 1989 and last sold in 1996 for $7.2 million.
Circle Capital plans significant upgrades to the complex, including full interior renovations to 66 original apartments, and additional updates to 78 units that already have undergone improvements.
All 144 Heron Landing rental units are large two-bedroom, two-bathroom apartments that average 1,053 square feet.
Circle Capital also will build a new free-standing state-of-the-art fitness center; create a resident lounge from a renovated adjoining building; refurbish the leasing center; install new signage and landscaping; and improve overall “curb appeal,” according to Circle Capital co-founder Todd Linden.
“Heron Landing is an excellent example of our value-add strategy to serve investors and enhance resident living experiences in all the communities where we do business,” Linden said. “This fully refreshed and modernized property will be a very attractive option in an already in-demand, fast-growing market.”
Government lending agency Freddie Mac lists Broward County as the fifth-ranked rental market in the nation. Sunrise is one of the fastest growing communities Broward due to a strong economy, numerous quality-of-life attractions and top-rated public schools. Heron Landing is the only apartment complex among its competition to be zoned for the community’s A+ rated elementary school directly across the street.
The property adds to the extensive portfolio of multi-family properties Circle Capital has acquired since its formation in 2019. Circle Capital purchased The Vue, a 178-apartment complex in Davie for $36.5 million in 2021, as well as more than $200 million worth of other real estate investments in Florida, Kentucky, Texas and South Dakota.
Linden and Circle Capital co-founder Richard Valdes have completed almost $4 billion in property transactions across the United States throughout their real estate, investment, institutional capital and equity placement careers.
“This latest acquisition checks all the boxes for our strategy to benefit investors, tenants and the local rental market,” Valdes said. “It’s especially exciting that Heron Landing is in our South Florida home, and we look forward to closing many more deals here and other dynamic markets across the country.”