Union Investment Buys $227M Florida Community

The purchase represents the company’s entry into the U.S. multifamily market.

EON Squared. Image courtesy of Union Investment

Union Investment has bought its first two U.S. multifamily properties, totaling 476 units, for $226.5 million. The EON Squared towers are in Flagler Village, a burgeoning Fort Lauderdale, Fla., submarket. Walker & Dunlop brokered the transaction. Greystar will manage the two buildings.

Completed in May 2019, EON Squared Phase I offers 206 units totaling 192,600 square feet. Its acquisition was made for the Unilmmo: Global portfolio.

Adjacent to the Phase I tower, EON Squared Phase II was delivered in July of this year and encompasses 270 units totaling 237,900 square feet. It’s been purchased for the Unilmmo: Europa portfolio.

Floorplans comprise studios and one- to three-bedroom units, ranging from 405 square feet to 1,430 square feet. Community amenities include two fitness centers, two pools, coworking spaces, lounges, playrooms and a movie room.

Located at 444 NE Seventh St., the towers are less than 1 mile west of Holiday Park and 3 miles west of Central Beach. Several dining, retail and entertainment centers are available within a 1-mile radius.

Growing in the US

The company’s investments team acquired four properties in the U.S., valued at over $425 million, entering the grocery-anchored retail and multifamily markets, Matthew Scholl, executive director & head of investment management, Americas at Union Investment, said in prepared remarks. He added that, with the EON Squared purchase, the company’s U.S. portfolio now totals $6.5 billion assets under management.

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