Phase I of the project was completed in 2020 and experienced rapid leasing velocity through the pandemic and is currently 99% occupied. Phase II is under construction and scheduled for completion in 2022. Upon completion, the project will total 401 units.
The sale price breaks down to $166,000 per door.
The project will include 1,300 apartments, office and retail, and possibly a hotel.
JLL worked on behalf the seller, Iron River Management on behalf of CF Partners Ltd., to complete the sale to the buyer, Keasbey, NJ-based Landmark Companies.
The buyer is planning a multifamilyn development.
The newest team member will help as part of Berger’s investment sales, land brokerage and acquisitions and dispositions services for both corporate clients and private investors.
The sale marks the second highest per unit sales price for its size, vintage and submarket.
The properties are located within the cities of Pompano Beach, Ft. Lauderdale, Hollywood, Miami Gardens, Opa Locka, Miami, and Homestead, Florida.
Berger Commercial Realty’s Stephen Hyatt and Judy Dolan represented seller in the sale.
The multifamily community was constructed in 2016 and features three distinct floor plans averaging 993 square feet.