Luxury Apartments In Fort Lauderdale Sell For $46.5M

Miami-based developer Pinnacle has sold Elyps, a 140-unit luxury apartment community in Fort Lauderdale, for $46.5 million.

The buyer, Ram Elyps, LLC – an affiliate of local investor Rental Asset Management (RAM) – closed on the acquisition on October 31. CBRE represented Pinnacle affiliate Bimini Cove, LLC in the transaction. Elyps, completed in July 2023, is one of the marquee developments within Pinnacle’s market-rate division.

Pinnacle’s decision to sell Elyps is part of the company’s long-term approach that focuses on building, stabilizing, and eventually selling market-rate properties once they’ve reached their full potential. The proceeds from these sales are then reinvested into new multifamily projects across Florida – from market-rate communities to workforce and affordable housing.

“Elyps is a great example of Pinnacle’s ability to deliver high-quality housing that enhances the communities where we build,” said David Deutch, Partner at Pinnacle. “Our market-rate strategy has always focused on building, stabilizing, and selling at the right time, allowing us to reinvest in new opportunities across Florida. This transaction underscores the enduring value of well-planned, well-executed developments like Elyps, even as market conditions evolve.”

Conveniently located near downtown Fort Lauderdale and major highways – including I-95, I-595, and State Road 84 – Elyps offers residents easy access to major employment centers, shopping, and entertainment. The property sits in a growing submarket with limited new multifamily supply and strong renter demand driven by population growth and in-migration. As a result, Elyps has maintained high occupancy levels, reflecting the continued strength of South Florida’s multifamily market.

Pinnacle remains active across Florida with a growing pipeline of multifamily developments.