Greystar closes on land, loan for new Davie apartments

Miami /
Feb.February 29, 2016 09:45 AM

Greystar Real Estate Partners just paid $11.5 million for a stretch of vacant land in Davie, where it is now breaking ground on a new apartment development.

The deal includes just under 15 acres of development turf along Reese Road near I-595, according to Broward County records. At the same time that Greystar closed on its land deal, the developer also scored a $52.3 million construction loan from Wells Fargo Bank.

With financing in hand, Greystar has begun construction work on a Class A apartment community with 394 units plus parking and “related amenities.”

This will be the second apartment project Greystar has built in that same region. Three years ago, the multifamily developer purchased another 15 acres of land and built a 376-unit community named Elan 33 West, which it later sold to New York’s AVR Realty Company for $79 million.

Both sites were sold by Forman Industrial Land, headed by the Forman family of Fort Lauderdale.

South Florida’s multifamily market was a hot ticket last year, seeing more than $1.2 billion worth of rental properties trading hands among the region’s three counties.

Real estate’s biggest names like billionaire Richard LeFrak have pointed toward steady rental growth and booming demand as some of the factors driving multifamily right now, in a trend that’s expected to continue into the foreseeable future.

As part of that market shift, Greystar recently agreed to sell off a mammoth 10,399-unit portfolio to financial giant Blackstone Group in exchange for $2 billion.


Related Articles

arrow_forward_ios
Greystar’s Bob Faith, The Mile (Credit: BuzzBuzzHome)

Greystar sells The Mile apartments for $40M

Greystar sells The Mile apartments for $40M
The Mile, Robert Given and Troy Ballard

Greystar looks to sell luxury rental building The Mile near Coral Gables

Greystar looks to sell luxury rental building The Mile near Coral Gables
Savona Grand Apartments at 7045 Colony Club Drive, Greystar CEO Bob Faith

Apartment giant Greystar sells complex near Lake Worth for $48M

Apartment giant Greystar sells complex near Lake Worth for $48M
Top three multifamily sales in South Florida this April

Here are South Florida’s top multifamily sales in April

Here are South Florida’s top multifamily sales in April
The Avana Cypress Creek Apartments at 1700 South State Road and Greystar CEO Bob Faith (Credit: Greystar)

Greystar sells North Lauderdale apartment complex for $46M

Greystar sells North Lauderdale apartment complex for $46M
Savannah Lakes

IMT pays $91M for Boynton Beach townhome community

IMT pays $91M for Boynton Beach townhome community
Greystar closes on Downtown Doral site to build new apartment project

Greystar closes on Downtown Doral site to build new apartment project

Greystar closes on Downtown Doral site to build new apartment project
SoFla’s largest multifamily investment sales in December

SoFla’s largest multifamily investment sales in December

SoFla’s largest multifamily investment sales in December
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...