South Florida Heating Up; C&W Brokers Residential Land Transaction
- Jun 17, 2008
The level of interest among investors in multi-family offerings in South Florida’s apartment rental market appears to be on the uptick, according to Cushman & Wakefield of Florida, who announced today the sale of 43.7 acres of residential land in western Broward County. The site is located at the northeast quadrant of Interstate 595 and N.W. 136th Avenue, in the city of Plantation. The price equates to approximately $581,395 per acre or $51,975 per proposed unit. A development entity led by Trammell Crow Residential acquired the parcel for $25 million. The seller was Colorado-based Affordable Residential Communities. In a statement, Brad Capas and Rosendo Caveiro, the Cushman & Wakefield multi-family specialists who facilitated the transaction said, “Notwithstanding today’s economic challenges, this deal further solidifies the fact that the investment community is a big believer in South Florida’s real estate market and its rental apartment sector in particular.” Apartment developer Trammell Crow plans to develop a 481-unit rental community called Alexan Plantation, which upon completion will consist of garden apartments and townhouses. It is located directly across the street from the new IKEA furniture store, blocks from the Sawgrass Mills Mall and within minutes of numerous major employers. Cushman & Wakefields’ latest market report for South Florida indicates that the region fared well through the economic challenges of 2007. While economic expansion has slowed, it has outperformed many markets around the country. Demographic predictors continue to show population and employment growth through 2011. South Florida’s apartment occupancy rate also exceeds most other markets at about 95 percent, despite reabsorbing blocks of vacant units of failed condominium conversions.