Madison Capital Arranges Joint Venture Partner for Luxury Apartments in Florida
- Jan 10, 2008
By Matthew Marin, Associate EditorPlantation, Fla.–Madison Capital Group LLC, a Miami-based real estate investment firm, has acted as exclusive financial advisor to American Land Ventures and arranged joint venture equity for a luxury mid-rise apartment community in the Midtown District of Plantation, one of Broward County’s most affluent suburbs. The Residences at the Fountains, a 251-unit, $84-million residential property, is the first phase of a two-phase residential development with construction anticipated to start in the first quarter of 2008 with occupancy expected in late 2009. Recognizing the strong local economy and the lack of recently completed multi-housing product in Plantation, American Land Ventures, a Miami-based multifamily developer, identified an underutilized surface parking lot in the heart of Plantation’s Midtown District as a prime redevelopment opportunity.American Land Ventures was able to create significant value by gaining support from the City for the redevelopment, obtaining necessary governmental approvals and creating an integrated plan that should result in higher returns for the existing retail and new residential development. “The Residences at the Fountains will be a residential community fully integrated in the neighboring retail, office and hospitality components creating a mixed-use urban village in the heart of Plantation’s core economic hub,” says Granvil Tracy, principal of American Land Ventures. “The complimentary nature of the uses should result in more efficient parking and traffic management as well as returns greater than the market because of the mix of uses.” Future tenants will enjoy the security and amenities of a residential community, yet be part of the excitement of the Midtown District and its many retail and entertainment options. Community amenities include an elegant and secure lobby, a business center, a lap pool with an expansive amenity deck in each building, a cyber café and a state-of-the-art fitness facility. The project will feature a mix of studio, one-, two- and three-bedroom luxury units and additional flex studio units. The units will range in size from approximately 710 to 1,553 square feet and average 1,096 square feet.