$134M Price Tag for Lauderdale Luxe Apartments
The Amaray Las Olas in Fort Lauderdale traded for $526,000 per unit, signaling strong investor interest in South Florida's multifamily market.
June 08, 2017 at 02:00 AM
5 minute read
The first urban high-rise to hit the South Florida market in this real estate cycle has traded for $134 million.
The Amaray Las Olas was completed last year near Fort Lauderdale's popular Las Olas Boulevard strip, bringing with it 254 super-luxury apartment units. The 30-story building off Broward Boulevard at 215 SE Eighth Ave. was developed by a joint venture of the New York-based Rockefeller Group and Fort Lauderdale's Stiles Corp.
Its new owner, a company tied to GID Real Estate Investments in Boston, paid about $526,000 per unit — a price comparable to similar deals inked in cities like Chicago, Boston and Washington, where luxe rental towers have traded at $500,000 to $700,000 per unit, Robert Given said in January.
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