Nuveen Sells 268-Unit Coconut Creek Apartment Complex for $52.6M

Nuveen Real Estate has sold Landings at Coconut Creek, a 268-unit multifamily property in Broward County, Florida, for $52.6 million, according to property records. Legacy Residential Group is the buyer, and the Miami-based company used a $35.5 million acquisition loan from TD Bank.

The 242,178-square-foot complex sits at 4854 Fishermans Drive in Coconut Creek, just south of West Sample Road and about a mile and a half west of the Florida Turnpike. Built in 1986 on 22 acres, the property includes 22 two-story buildings, a pool and a tennis court. A Nuveen spokesperson said the complex is 94 percent occupied.

Nuveen, the real estate investment arm of Teachers Insurance and Annuity Association of America, bought the property in 2017 for $45.3 million. The sale works out to roughly $196,000 per unit. The Chicago-based firm has been reducing its South Florida multifamily holdings, including a 358-unit Miami Gardens sale to Greystar last year and a 197-unit Plantation property sold in 2024 at a loss from its earlier purchase price.

For investors and lenders, the deal offers a recent per-unit price benchmark for older garden-style suburban apartments in Broward County.