Stuart Apartment Community Sells For $316,000 Per Unit

A 49-unit multifamily building located at 201 SW Joan Jefferson Way in Stuart sold to an affiliate of DiversyFund Growth REIT last month for $15,500,00 or $316,300 per unit.

ONE Commercial Real Estate, headquartered in Miami with offices throughout the east coast of South Florida, marketed the property for the developer and procured the buyer. Stephen Nostrand and Alexis Shapiro collaborated to obtain the optimal outcome for New Urban Communities in the sale of Azul.

Delray Beach, Florida-based New Urban Communities completed the Azul apartment community in 2019. The project was developed on approximately 1.6 acres of land leased from the City of Stuart.

Azul is the first new rental community in historic downtown Stuart in decades and is located within walking distance of the Sunset Bay Marina, the City’s Riverwalk, numerous restaurants and a vibrant cultural and entertainment scene.  One-, two- and three-bedroom units are offered at an average of 1,143 square feet. A top-of-the-line fitness center, club room and pool and spa complex make up the amenity center.

New Urban and affiliates are currently developing townhomes at The Village at Wilton Manors, apartments and medical office at the Centre at Abacoa in Jupiter, and Pompano Beach Fishing Village.  Future developments include the mixed-use Margate City Center and Avonlea, a build to rent single family and townhome development in Stuart. By partnering with the public sector for many of its developments, New Urban Communities delivers more benefits and a better value to its customers while helping Cities and CRAs achieve their planning and redevelopment objectives.

 

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