Just Closed: Flagler Village Multifamily Development Site Sells For $9.,25 Million

Native Realty CEO Jaime Sturgis and Executive Vice President Dan Ross just completed the $19 million sale of an assemblage in Fort Lauderdale’s vibrant Flagler Village neighborhood.

Sturgis and Ross closed the complex transaction in two separate deals, with the second closing occurring on Feb. 9. In the latest transaction, 29,000 square feet of land at 203-215 NE Third St. was sold for $9.25 million. That followed the $9.75 million sale of another 29,000 square feet of land at 200-210 NE Third St. in November 2021.

The buyer of the assemblage plans to develop a large-scale, Class A multifamily project on the site.

Land is at a premium in Flagler Village, one of South Florida’s most popular urban neighborhoods. However, Native is leveraging its intimate knowledge of the area and strong relationships to creatively broker deals involving Flagler Village’s last remaining undeveloped sites.

In October 2022, Sturgis and Ross brokered the $9.42 million off-market sale of a 1.3-acre multifamily development site at Flagler Village’s entrance. Advantis Development plans to develop a 173-unit aesthetically unique apartment building on that site.

The previous month, Native represented both sides of developer Dev Motwani’s $6.4 million purchase of a portion of a multifamily development site in the neighborhood. Motwani’s Merrimac Ventures plans to develop the 30-story ArtsPark Lofts there.

“Demand for new apartments in Flagler Village is at an all-time high, as people are clamoring to live in the neighborhood,” Sturgis said. “We are proud of Native’s role in addressing that demand by identifying the last remaining undeveloped sites and securing the right buyers. We refuse to let broader market conditions deter us from helping South Florida neighborhoods reach their full potential.”