The Real Deal Miami

Sunrise development site trades for $15.4M

Buyer has approvals for 417-unit multifamily project on land west of Sawgrass Mills
May 22, 2014 09:45AM

Portico site

Portico site

A multifamily development site in Sunrise changed hands for $15.4 million.

The West Palm Beach-based Richman Group of Florida picked up 6.9 acres at the intersection of Northwest 21st Street and 136th Avenue, according to Wednesday’s announcement released by brokerage ARA, which arranged the transaction. K-Group Holdings of Aventura sold the land to Richman. At more than $2.3 million per acre, the sale sets a new milestone for Sunrise land deals.

Richman plans to build the 417-unit Portico on the site, which is adjacent to the planned Metropica development and west of the Sawgrass Mills mall. Portico was previously approved by the City of Sunrise and Broward County.

Troy Ballard, senior vice president of ARA’s South Florida land division, served as lead advisor for K-Group. He was assisted by ARA principals Marc deBaptiste and Avery Klann. — Eric Kalis