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South Florida

Fort Lauderdale apartment tower sells for $53M

Vu New River Apartments in downtown Fort Lauderdale
Vu New River Apartments in downtown Fort Lauderdale

A newly completed apartment tower in downtown Fort Lauderdale has sold for more than $50 million.

Vu New River Apartments, located at 510 Southeast Fifth Avenue, sold to an affiliate of MetLife Real Estate Investors for about $250,000 per unit, according to a published report.

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Miami-based New River 3 ventures developed the 18-story, 209-unit project in January, the South Florida Business Journal reported.

Rents start at $1,760 a month and amenities include an outdoor movie theater, parking and a rooftop pool. Broward County has a ground lease for the 20,799-square-foot property. [South Florida Business Journal] — Katherine Kallergis

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Downtown Fort Lauderdale