Florida’s unstable real estate market isn’t preventing developers from creating new residences.
Developers Trammell Crow Residential, with an unnamed partner advised by JP Morgan Asset Management, bought 43.7 acres of land from Affordable Residential Communities in Plantation for $25 million, according to Cushman & Wakefield.
Trammell Crow plans to develop the space into a 481-unit rental community called Alexan Plantation, with garden apartments and townhouses.
The sale price represents about $581,395 per acre, or $51,975 per proposed unit.
“The market environment and economic environment are challenging, but that notwithstanding, Trammell Crow and JP Morgan are continuing to make big investments in Broward County,” said Brad Capas, a senior director at Cushman & Wakefield. “They like the long term outlook here as do we.”
The development will be in the city of Plantation, northeast quadrant of Interstate 595, northwest of 136th Avenue, and across the street from an Ikea furniture store.