Morgan Group pays $17M for Flagler Village development site

3-acre site will house a new seven-story, 350-unit apartment building

TRD MIAMI /
Apr.April 15, 2016 12:45 PM

Houston, Texas-based Morgan Group closed on the land for its Flagler Village apartment project in Fort Lauderdale, with plans to break ground later this year. 

An affiliate of Morgan paid about $16.5 million for the 3-acre site between Northeast Third and Fourth avenues along Northeast Fourth Street. There, Morgan will build a seven-story, 350-unit apartment building, Evan Schlecker, Morgan Group’s regional vice president of development, told The Real Deal. The amenity-heavy project will also include commercial space and parking, Schlecker said.

MSA Architects and landscape architect Architectural Alliance are designing the development, according to plans filed with the city last year.

County records show Morgan financed the deal with an $8.6 million mortgage from JPMorgan Chase. Putnam Realty Ltd. and 411 Partners, companies managed by Ron W. Feldman, sold the 14 parcels to 400 NE Third Avenue LLC. Per square foot, the deal breaks down to about $126. The sellers assembled the properties between 1986 and 2012.

It’s across the street from AMLI Flagler Village, an apartment complex at 440 Northeast Fourth Avenue.

Commercial activity has been heating up in Flagler Village, a roughly 300-acre neighborhood west of U.S. 1 in Fort Lauderdale. At a TRD panel on Thursday, Jaime Sturgis, sales director for Metro 1’s Broward office, said alternative forms of transportation have been key to the area’s success, including All Aboard Florida and the proposed Wave streetcar. “Transportation is the crutch we all lean on in the urban core,” he said on the panel. “As that gets better and we have alternative modes of transportation, we can build this density with 42 projects coming online [in Flagler Village], and with that comes all the creative retail.”

In July, the Related Group sold the Manor at Flagler Village, a 382-unit apartment and mixed-use development  at 501 North Federal Highway, for about $150 million.

Morgan is working on two other projects in South Florida. The multifamily developer scored a $71 million construction loan for Pearl Midtown 29, a 20-story, 309-unit mixed-use apartment tower near Midtown Miami. The company is also building Pearl Dadeland, a 412-unit apartment building in Miami. That will open in June, Schlecker previously told TRD.


Related Articles

arrow_forward_ios
Mike Napoli and 2501 Delmar Place (Getty, Coldwell Banker)

He’s out: Baseball’s Mike Napoli sells waterfront Fort Lauderdale mansion for $7M

He’s out: Baseball’s Mike Napoli sells waterfront Fort Lauderdale mansion for $7M
4 West Las Olas

Fort Lauderdale developers score $92M bridge loan for rental tower

Fort Lauderdale developers score $92M bridge loan for rental tower
John Moran Jr. and 5 Isla Bahia Terrace, Fort Lauderdale

Warehousing CEO pays $8M for waterfront Fort Lauderdale house

Warehousing CEO pays $8M for waterfront Fort Lauderdale house
Kolter’s Bobby Julien and a rendering of the project (Kobi Karp)

Kolter wins approval for oceanside Fort Lauderdale condo development

Kolter wins approval for oceanside Fort Lauderdale condo development
Michael Wekerle & 1000 Riviera Isle Drive (Credit: Google Maps and Isaiah Trickey/FilmMagic via Getty Images)

Fort Lauderdale estate built for Anheuser-Busch CEO hits the market at $19M

Fort Lauderdale estate built for Anheuser-Busch CEO hits the market at $19M
Jared Galbut, Bodega Taqueria

Menin plans major expansion of Bodega Taqueria

Menin plans major expansion of Bodega Taqueria
100 Las Olas & Pietro Belmonte, Marc Brandt, Gigi Giusti

Douglas Elliman takes over sales of 100 Las Olas from OneWorld Properties

Douglas Elliman takes over sales of 100 Las Olas from OneWorld Properties
Dev Motwani & 317 North Federal Highway

Dev Motwani buys Fort Lauderdale dev site for $14M

Dev Motwani buys Fort Lauderdale dev site for $14M
arrow_forward_ios

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

Loading...