Ryan Shaw, Drew Kristol and Kirk Olson, investment specialists in Marcus & Millichap’s Miami office, represented the buyer, a private investor, in the transaction.
Aztec Group’s Howard Taft sourced and structured the bridge financing for Elevate Apartments in Dania Beach.
The first phase of the development will feature 180,000 square feet of creative office space in the East Building, along with 600 multifamily residential units. Additionally, experiential retail spaces will anchor the base of every building, encompassing approximately 80,000 square feet, with the total project size reaching over 800,000 square feet.
The sales, announced in mid-January 2025, reflect the growing demand for well-maintained and strategically located apartment communities in both established and emerging markets across the state.
On January 10, a developer filed Broward County’s first lawsuit under the Act, after the City of Hollywood blocked a proposed 17-story mixed-use development that would bring affordable housing to Hollywood Beach.
Currently home to two vacant multifamily buildings, the property will be demolished to make way for a new high-end development featuring exclusive residences.
Three of the commercial property sales closed on the same day.
This sale continues to showcase the strong demand for multifamily properties in the Fort Lauderdale area, particularly those with long-term tenants, which this property features.
Vice President Bradley Arendt, Executive Vice President Mika Mattingly and Associate Jonathan Papeika of the Colliers South Florida Urban Core Division represented the seller in the transaction. Ryan Shaw of Marcus & Millichap represented the buyer.
The transaction was facilitated by Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt, who represented the seller.