Walker & Dunlop, Inc. announced today that it completed the sale of Indigo Station on behalf of Ram Realty Advisors to Cortland. The transaction represents the first time that the property has changed hands since its development in 2019.
Located in the underserved Deerfield Beach submarket in northern Broward County, Florida, the 226-unit luxury apartment community is a rare investment opportunity in a high-barrier-to-entry neighborhood. Adjacent to the Deerfield Beach Tri Rail station, Indigo Station is one of few transit-oriented rental communities in Broward County. The property offers residents convenient access to employment centers, including Park at Broken Sound, Cypress Creek, and Moran Family Enterprises’ headquarters, which employs 3,200 people directly across the street.
The sale was handled by Walker & Dunlop’s Still Hunter, Greg Engler, Kaya Suarez, who represented both the seller and the buyer in the disposition. Mr. Hunter commented, “This unique asset offers ‘attainable luxury,’ which is in high demand, yet most communities within South Florida target just the very top of the market. This property has a much larger pool of potential renters to draw from, ensuring durable rental demand and long-term asset performance for our longstanding client, Cortland.”
“The development of Indigo Station is consistent with our well-established strategy of creating institutional quality mixed-use projects throughout the Southeast. We were initially attracted to the location by virtue of its access to both public transit and I-95, as well as proximity to major employment centers. The sale of the asset in no way diminishes our commitment to South Florida and more specifically Broward County, where we recently broke ground on a new mixed-use project in Oakland Park,” Casey Cummings, CEO of Ram Realty Advisors.
Indigo Station is National Green Building Standard (NGBS) certified and features an ideal mix of efficiently laid-out, luxuriously appointed studio, one-, and two- bedroom apartment homes. Community amenities include onsite shopping and dining, a heated resort-style pool, expansive sundeck, grilling and picnic areas, a group fitness center, electric car charging stations, and controlled access. The community boasts convenient access to employment and entertainment as well as a diverse array of retailers.
Walker & Dunlop is a leader in multifamily property sales, having completed $6.1 billion in property sales volume in 2020. The firm was also the top provider of capital to the U.S. multifamily market, originating $31 billion in transactions and lending over $24 billion for multifamily properties in 2020. For information about Walker & Dunlop’s view on the apartment market, read our recently-released Spring 2021 Multifamily Outlook Report.