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Rockefeller Group, Stiles sell Amaray Las Olas in Fort Lauderdale for $134M

GID paid $526k per unit of the 30-story, 254-unit luxury tower
By Katherine Kallergis | June 07, 2017 09:45AM

Amaray Las Olas

A joint venture between the Rockefeller Group and Stiles sold Amaray Las Olas, a new luxury rental tower in downtown Fort Lauderdale, for $133.55 million. The buyer is managed by Boston-based GID, a real estate developer, property management and acquisition firm.

Property records show Rock-French Quarter LLC sold the 30-story, 254-unit apartment building at 215 Southeast Eighth Avenue to Amaray Las Olas by Windsor LLC. The GID affiliate financed the deal with a $65 million mortgage from TIAA.

The tower hit the market in January with Cushman & Wakefield’s Robert Given, Zach Sackley, Troy Ballard and Neal Victor. Given said at the time that the property could sell for upwards of $150 million, citing comparable properties in cities like Washington, D.C., Boston and Chicago that have been trading for $500,000 to $700,000 per unit.

At $133.55 million, Amaray sold for nearly $526,000 per apartment. It could eventually be converted to condos.

Cushman’s Robert Kaplan, Chris Lentz and Mark Rutherford arranged the mortgage for GID, according to a press release.

New York-based Rockefeller and Fort Lauderdale-based Stiles developed the building on a non-waterfront 1.25-acre site. It opened to residents in April of last year, and was 97 percent leased as of January with units renting for an average of nearly $3,500 per month.

Amenities include a rooftop pool deck with a hot tub and private cabanas, an entertaining pavilion with gas grills, a gym area with saunas and massage treatment rooms, a clubroom with catering kitchen, business center, a dog run and a dog wash.

Amaray is a block away from Las Olas Boulevard where new developments include Las Olas Place, a two-story, 30,000-square-foot retail and office building across the street from American Social; and west of the shops, the Related Group’s Icon Las Olas. The Comras Company’s Michael Comras and Jeff Evans were hired by three major property owners last year to handle leasing of the 250,000-square-foot, four-block stretch of the boulevard.

In South Florida, GID also owns the Windsor at Miramar, a 348-unit apartment complex and co-owns the Mirador at Doral.

In all, GID has at least 76 multifamily properties totaling roughly 21,500 apartment homes in 13 states in its portfolio. The firm also owns 2.7 million square feet of industrial space, is building multifamily in Brazil and India, and has its own hedge fund management affiliate, according to its website.