Fort Lauderdale Condo Site Sells for $10M
- May 18, 2015
Fort Lauderdale, Fla.—The flurry of condo development in Miami has prices on the rise, and developers and buyers are starting to look north for value. ARA Newmark recently closed the sale of a .63-acre waterfront development site at 321 N Birch Road in Fort Lauderdale, Fla., for $10 million. The site is approved for an 11-story, 22-unit condo project with a marina with four 70 foot boat slips. An affiliate of Florida-based Sobel Co. was the buyer. With a projected per-unit price of $454,000, the transaction set what is believed to be a new record for land pricing in a non-oceanfront site in South Florida.
ARA Newmark’s South Florida Land Division Senior Managing Director Troy Ballard served as lead advisor for the seller Jeremy Bedzow and Grand Birch LLC in marketing the development site. He was supported by ARA Newmark executive managing director Avery Klann and Vice Chairman Marc deBaptiste.
Jupiter apartments trade hands
Jupiter, Fla.—TGM Associates has completed its sale of TGM Vintage at Abacoa, a 390-unit community located in Jupiter, Fla. within the Abacoa master-planned community. HFF brokered the sale. Yardi Matrix data shows Atlanta-based Pollack Shores as the seller. While the sales price was not disclosed, Pollack Shores paid $71 million when it acquired the asset back in October 2007.
The asset is located at 863 University Blvd. near Roger Dean Stadium and Florida Atlantic University. The 2003-built community was 99 percent leased at the time of sale. Amenities include two-swimming pools, a sauna, 24-hour fitness center, a volleyball court, mediation garden, playground, barbecue area, clubhouse billiards room, movie theater and car care center.
The HFF investment sales team representing the seller was led by managing director Jaret Turkell and associate director Maurice Habif.
HFF brokers $70M in JV equity
San Francisco—Holliday Fenoglio Fowler LP (HFF) announced that it has arranged approximately $70 million in joint venture equity for the development of The Landing at Walnut Creek, a 178-unit, Class A multi-housing community in Walnut Creek, Calif.
HFF worked on behalf of the developer, BHV Centerstreet Properties LLC, to source the equity from a U.S.-based life insurance company.
The Landing at Walnut Creek is situated on approximately 1.78 acres at the corner of Ygnacio Valley Road and Oakland Boulevard, directly across from the Walnut Creek BART station. Due for completion in late 2016, the transit-oriented property will have four levels encompassing approximately 145,648 rentable square feet above a 223-space parking garage. Community amenities include a fitness center, yoga studio, roof deck with lounge and outdoor resident activity areas.
The HFF equity placement team representing the developer was led by Senior Managing Director Bruce Ganong and Associate Director Adam Simon.