This Week’s South Florida Deal Sheet: Mormons Pay $133M For Plantation Apartments
An affiliate of the Mormon church paid $133M for The Ellsworth apartments in Plantation amid a flurry of recent multifamily activity.
Property Reserve Inc., the real estate investment arm of The Church of Jesus Christ of Latter-day Saints, purchased the recently built, 315-unit complex from an entity tied to PGIM Real Estate and Stiles Corp., deed records from property intelligence platform Vizzda show.
The eight-story apartment building at 1301 SW 80th Terrace totals 627K SF and was completed last year. The sellers had listed the property for roughly $150M, The Real Deal reported in March.
Fort Lauderdale-based Stiles and New Jersey-based PGIM paid $5.4M in 2021 for the 4.3-acre development site and locked in a $64M construction loan from Wells Fargo to build The Ellsworth.
Apartments at the property range from one to three bedrooms and were 93% leased at the end of March, TRD reported. Units are priced from $2,640 per month to $4,234 per month on Apartments.com.
SALES
AMLI Residential sold its second South Florida apartment complex in as many weeks, trading AMLI at Sawgrass Village to Mesirow Financial for $89M.
The Chicago-based buyer financed the purchase with $71M in debt from Equitable Financial Life Insurance Co., records from Vizzda show.
The 325-unit project known as The Retreat at Sawgrass Village spans 6 acres at 3001 NW 130th Terrace in Sunrise. It includes a single five-story building and three single-story buildings, with Apartments.com listing one- to three-bedroom units for $2,490 per month to $4,032 per month.
AMLI, owned by Morgan Stanley, paid $9M for the property in 2011 and completed the apartment complex in 2015, property records indicate. The recent sale breaks down to around $275K per unit.
The sale comes roughly a week after AMLI sold a 352-apartment complex in Doral to Pantzer Properties for $139M. The Point at Lakeside, as the property is now known, was built in 2013 and acquired by AMLI in 2015 for $103M.
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An affiliate of California-based LBA Logistics paid $55M for a 236K SF warehouse in Riviera Beach that’s fully leased to Serta Simmons Bedding, records from Vizzda show.
Dallas-based Dalfen Industrial sold the 16-acre site at 3774 Interstate Park Road North for more than twice the $26M it paid in 2020 to acquire the property, records show.
The warehouse was built in 1996 and has around 30 truck bays and a paved lot being used for storage, satellite photos show. The recent sale price equates to roughly $232 per SF.
Aventura-based S2 Development paid $37M to Prestige Cos. for the ground lease at the soon-to-be-delivered Atlantica at Dania Beach condos, records from Vizzda show.
The 124-unit complex includes six three-story buildings and a single-story clubhouse on almost 5 acres at 624 NE Second St. Construction began at the property last May, and a sales agent told Bisnow closings are taking place and condo owners will be moving in by the end of next month.
The development was built on land owned by East Side Five LLC, an entity registered in Dania Beach and controlled by local resident Jeanine Hill.
The project was first proposed in August 2021 by Margaritaville developer Lon Tabatchnick. Miami Lakes-based Prestige eventually took over and broke ground in May 2023 with a $17M construction loan.
Sales of the one- and two-bedroom condos at the property are being handled by Aventura-based ISG World, according to a marketing website for the development.
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New York-based Lightstone and its investment partner, Mavik Capital, sold a 134K SF single-tenant warehouse in Miami Lakes for $25.5M, according to a release. The buyer was Houston-based Corebridge Financial, The Real Deal reported.
The warehouse, built on 5 acres at 15801 NW 49th Ave., has 19K SF of office space and 194 parking spaces along with 14 dock doors and two drive-ins. It’s fully leased to GRM Management, a document storage company founded by Moishe Mana, one of Miami’s most prolific landowners. GRM renewed its lease for another five years in 2023, sources told TRD.
The warehouse was built in 1985 and was acquired by Lightstone for $20M in June 2021, property records indicate. Mavik bought into the investment after the sale, per TRD.
Lightstone was represented by a CBRE team of José Lobón, Trey Barry, Frank Fallon and Royce Rose, according to the release.
FINANCING
More Development, which has offices in Miami and the Bahamas, secured a $77M preconstruction loan from JPMorgan Chase for an 8-acre Wynwood assemblage, according to a release.
More Development, which built the Baha Mar resort in the Bahamas, spent $115M between 2018 and 2022 to assemble 26 parcels along Northwest Second Avenue between Northwest 20th and 22nd streets, property records indicate.
The six-block site is slated to be the future home of SoWy, a mixed-use project that has 2.5M SF of developable space by-right, which doesn't include any Live Local Act considerations, according to the release.
Details for SoWy have not been disclosed, but the release describes it as a mixed-use neighborhood with “flexible and adaptable multi-use indoor and outdoor spaces in site-specific architectural buildings.”
CONSTRUCTION AND DEVELOPMENT
The third phase of construction has begun at the West Tower of Oasis Hallandale, according to a release.
The tower is one half of Venezuelan developer Giuseppe Iadisernia’s vision for 1100 E. Hallandale Beach Blvd. and includes 250 condos across 25 stories. MGM Construction Group, the project’s general contractor, expects to top off the tower in late fall.
Construction of the matching East Tower hasn't yet commenced but would add another 250 units to the 10-acre site. The two towers will have a pool deck, fire pit, yoga lawn and outdoor movie theater among their amenities.
Oasis Hallandale broke ground in August, with delivery at the time slated for 2025. Construction on the East Tower is scheduled to begin this year and finish in 2026. The West Tower was 67% presold when construction began, the South Florida Business Journal reported.
The property has condos ranging from 894 SF one-bedrooms to 1,800 SF with three-bedroom units. Prices start at $600K and go to $2M for penthouse units, per SFBJ.
Oasis Hallandale, located near the Gulfstream Park casino, is also slated to have 59K SF of retail and restaurant space and 35K SF of office. The commercial portion broke ground in 2021 and is fully sold, the developer told SFBJ.
PEOPLE
Keyes Co. is adding 300 agents to its ranks through the acquisition of Coral Shores Realty, according to a release.
Plantation-based Coral Shores had agents across Florida with satellite offices in Fort Lauderdale, Davie, Port St. Lucie, Key Largo and Dunnellon. The firm’s South Florida staff will relocate to Keyes’ Plantation office at 10091 NW First Court.
Coral Shores was founded in 2000 and was run by Ronald Cika and his son Alex, who will continue to lead the team being absorbed by Keyes. The brokerage had closed $4B in residential transactions prior to its acquisition, according to the release.
Keyes is continuing to look for expansion opportunities, the brokerage said in the release.
