13th Floor Lands South Florida Financing
This project will feature more than 350 market rate and workforce housing apartments.
Parks at Davie, a 383-unit project in Broward County’s Town of Davie, is set to break ground later this month. Santander Bank has issued a $67.5 million construction loan for a joint venture between Miami-based 13th Floor Investments and JSB Capital Group on behalf of the development.
The community—comprising of a series of five-story buildings—will be located on the east side of Broward College’s Davie campus, at the northwest corner of Davie Road and Southwest 37th Street. It is scheduled to be delivered in 2027.
The development aims to deliver market-rate and workforce housing. Preferred equity for the project was provided by Marble Capital. Aztec Group’s Peter Mekras led a team that assisted with capitalization.
“Parks at Davie underscores our commitment to creating a meaningful, lasting change in South Florida by delivering a project with exceptional finishes and thoughtfully designed open space amenities,” Aaron Stolear, president of development at 13th Floor Investments, told Multi-Housing News. “We have also worked to offer a product that maintains an attainable price point for our residents.”
Parks at Davie’s homes will range from studios to three-bedrooms, sizing from 568 to 1,415 square feet. Interiors are set to feature quartz countertops, stainless steel appliances, kitchen islands, vinyl flooring, nine-foot ceiling heights and in-unit washers/dryers.
A clubhouse with a pool, a fitness center, a business center with coworking areas and about 6,200 square feet of ground floor retail space will further add to the living environment.
Broward College’s Davie campus is a central hub of education and innovation in South Florida’s Broward County. Surrounding the campus neighborhood are residential, commercial and educational spaces with easily accessible urban conveniences.
The location is well connected to the county through major highways such as Interstate 595, Florida’s Turnpike, and U.S. Route 441. Davie Pine Island Park and Tree Tops Park are also nearby.
In August of last year, 13th Floor broke ground on Parks at Hallandale, a 398-unit property in Hallandale Beach, Fla. The community spans five-story garden-style buildings on 15.5 acres with 6,500 square feet of ground-floor retail.
Nearby in Hallandale Beach, Slate Hallandale Beach, a 250-unit luxury residential tower, was recently refinanced for $225 million through PPG Development and BH3 Management—a deal arranged by Lotus Capital Partners.
Experts weigh in on Broward County
Zack Simkins, Managing director of Vaster, a Miami-based private lender specializing in commercial financing for residential properties, told MHN that the Broward County apartment market continues to see strong rental demand, making multifamily developments an attractive alternative to condo projects.
“Developers are leveraging this demand to bring new apartment inventory to market, often incorporating condo-style amenities at more accessible price points,” Simkins said. “This approach caters to the growing demographic of younger professionals and middle-income renters moving to Broward, looking for higher-quality living options without the financial commitment of homeownership.”
Simkins noted that there has been a notable rise in acquisition financing requests for multifamily development in the area, reinforcing confidence in the sector. The challenge is in ensuring that demand keeps pace with the current development pipeline. Rent affordability, location and community-driven amenities will be key differentiators in determining which projects succeed.
Jake Maya, PMG’s director of acquisitions, told MHN that the Broward market has proven resilient despite an influx of recent deliveries, particularly in the urban core, where Class A properties still maintain more than $4 per square foot in rents.
“Broward County still presents a relative value to Miami Dade and West Palm/Boca on both the single-family home market and rental market,” Maya said. Office supply has also swelled in the urban core, further raising strong beliefs in the future of the area.
Nelson Stabile, principal, Integra, told MHN that migration also continues to fuel demand in South Florida, keeping Broward County’s multifamily market strong.
“In East Broward—particularly Fort Lauderdale, Hollywood, and Davie—a steady pipeline of new residential developments is helping meet the region’s housing needs, with units leasing up quickly,” he said. “Meanwhile, limited new development in West Broward keeps supply tight, supporting sustained market strength. Overall, we see Broward County’s multifamily sector on a positive trajectory and anticipate continued growth in the years ahead.”
