Downtown Ft. Lauderdale Apartment Building Trades For $52.5 Million

A Downtown Fort Lauderdale apartment building has sold for $52.5 million, another sign of investors’ ravenous appetite for rentals..
An entity tied to MetLife Real Estate Investors acquired the VU New River, an 18-story complex located at 510 S.E. Fifth Ave. that opened Feb. 1.
The seller was American Land Ventures, the Miami-based developer that built the tower. The 209-unit project along the south side of the New River is the third and final phase of the New River Village residential community.
Jason Robertson, a vice president for American Land Ventures, said Tuesday that the deal is part of an ongoing partnership with MetLife. American Land will continue to manage the building, he said.
The VU New River sale is one of dozens in recent years by developers looking to capitalize on robust demand for multifamily properties.
The Altman Cos. of Boca Raton announced last week that it sold four rental complexes to different investors for a combined $223.25 million. Three of the properties are in Broward County. The fourth is in Hillsborough County.
 

“There’s a strong market for quality apartment developments in South Florida because the vacancy rates are low and the rents are very healthy and have been increasing a lot over the last few years,” said L. Keith White, president of Reinhold P. Wolff Economic Research in Oakland Park.

The overall average monthly rental rate in Broward is $1,436, up 15 percent from three years ago, according to Reinhold. In Palm Beach County, average rents are up 21 percent to $1,429.
 
Source:  SunSentinel