Lauderhill Multifamily Development Site Sells For $7 Million
Lee & Associates South Florida Principal Matthew Jacocks demonstrated his multifamily dealmaking prowess by representing both sides of the sale of a Lauderhill apartment development site. Jacocks is also partnering with veteran developer Yury Gnesin in the 441 Arthouse project to be constructed on the site.
The $7 million transaction closed on Nov. 17. The seller of the 1901-2051 N. State Road 7 site is 2001 Property Ventures, LLC.
Jacocks and Hallandale-based Gnesin are helping address the need for new residential product in Lauderhill, a Broward County submarket that Jacocks has been active in over the past year-plus. City of Lauderhill commissioners have taken the first step toward getting the project built by approving a special exception application which will allow for the development of residential units on the property.
Once site plan approval is granted for the project, 441 Arthouse will bring 245 apartments and 10,000 square feet of commercial space to the 4.7-acre assemblage that fronts State Road 7. At least four two-story units will be allocated as living and working spaces for local artists. Currently, the project is in site plan review phase.
Lee & Associates South Florida’s retail specialists will start pre-leasing the ground-floor retail space following site plan approval and plans to attract high-quality tenants to further enhance the project and area.
Construction of 441 Arthouse is expected to begin in the first quarter of 2024, with a 12 to 14- month timetable for completion.
The project’s mix of studios and one, two and three-bedroom apartments will range in size from approximately 700 to 1,300 square feet. Amenities include a swimming pool, fitness center, dog park and barbecue areas.
Jacocks has worked closely with Gnesin in previous deals, such as the record $5.25 million sale of Gnesin’s self-storage development site in North Miami Beach in July 2021 and the record sale of Gnesin’s Fort Lauderdale Beach hotel portfolio for $24 million in October 2021. Jacocks exclusively listed both properties on Gnesin’s behalf.
“Lauderhill is seeing a significant amount of investment and development activity,” Jacocks said. “The city’s centralized location is appealing to people seeking a more attainable alternative to downtown Fort Lauderdale and other more expensive multifamily submarkets. We anticipate strong demand for 441 Arthouse and are excited to deliver a one-of-a-kind project to the city. The city has been fantastic to work with and has a great vision that we are excited and honored to be a part of.”
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
CLICK HERE TO SUBSCRIBE TODAY!
And we promise…no more than one email each morning.
Leave a ReplyWant to join the discussion?
Feel free to contribute!