Fairfield Residential has purchased two apartment communities in Broward county for a combined $88 million. In the first deal, the company picked up the 316-unit Water’s Edge apartment complex in Sunrise for $44.8 million. Water’s Edge totals 291,020 square feet on a 22.4-acre site and it traded for just over $141,772 per unit. In the second transaction Fairfield Residential acquired the 292-unit Southern Pointe Plantation for $43.23 million. Built in 1984, the asset totals 255,727 square feet. The deal includes the assumption of a $27.22 million commercial mortgage-backed security (CMBS) loan managed by U.S. Bank.
