PARK PLACE AT TURTLE RUN
Acquired
May 2012
Purchase Price
$27.4M
Exited
Q1 2022
Sale Price
$92.3M
Units
350
NSF
306,540
Park Place at Turtle Run is a 350-unit garden-style apartment community located at 3600 Terrapin Lane in Coral Springs, Florida. GAIA and Starwood Capital Group acquired the property in May 2012 for $27.4 million as part of a distressed 9,505-unit portfolio purchased out of a Lehman Brothers bankruptcy auction. Over a 10-year hold, GAIA executed a comprehensive value-add renovation program — upgrading unit interiors with modern kitchens, new appliances, and refreshed finishes, while enhancing community amenities including the resort-style pool, fitness center, tennis courts, dog park, and landscaped courtyards. The repositioning transformed the asset into a premier Broward County community. The property was sold in Q1 2022 for $92.3 million, representing a more than 3x return on purchase price and marking the final disposition in GAIA and Starwood's $500 million Sunbelt portfolio exit.
Value Creation
Acquired out of Lehman Brothers bankruptcy at deep distress — $27.4M purchase price in 2012
Executed comprehensive unit renovation program — upgraded kitchens, appliances & modern finishes
Enhanced community amenities to institutional quality over 10-year hold
Repositioned asset within Broward County's competitive rental market
Sold Q1 2022 for $92.3M — representing a 3x+ return on purchase price
Final asset in GAIA & Starwood's $500M Sunbelt portfolio exit
Property & Neighborhood
350-unit garden-style community across 15.8 acres
Resort-style pool with sundeck & landscaped courtyard
Tennis courts & lighted recreational areas
State-of-the-art fitness center
Dog park & children's playground
Located in Coral Springs, one of Broward County's premier communities
Close to Turtle Run Golf Club, top-rated schools & Coral Springs Town Center
Easy access to I-95, Florida's Turnpike & short drive to Fort Lauderdale