The Real Deal Miami

Fort Lauderdale apartment tower sells for $53M

Vu New River Apartments completed in January

February 02, 2015 01:30PM

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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.

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

  • confusious

    Can someone explain to me how this entire building is 53 million and the penthouse at Faena is 60 million? How much did it cost to build?

  • whatt

    how is this entire building only 53 million, it cost only 25 to build ??? its either the buyers are paying the other half in cash under the table or the developer is under water with the bank in construction

  • Lauderman

    It doesn’t include the land the building sits on. That price is only for the edifice itself, it will have to make monthly rent payments to the owner of the dirt.