Trammell Crow buys Plantation offices to build apartment complex

By Keith Larsen | May 21, 2019 09:45AM

Trammell Crow Residential CEO Ken Valach and 339 North State Road 7 Plantation

Trammell Crow Residential CEO Ken Valach and 339 North State Road 7 Plantation

Trammell Crow Residential paid $11 million for two Plantation office buildings, with plans to build an apartment complex.

The Dallas-based real estate development firm bought the 9.45-acre property at 339 North State Road 7 for $1,164 per acre, records show. The seller is Kisco, New York-based Parkstone Capital.

Trammell Crow previously received approval from the city of Plantation to build eight apartment buildings with 248 units and a two-story, 10,500-square foot clubhouse.

Trammell Crow Residential scored a $38.35 million construction loan from CrossFirst Bank to build the apartments, records show. Parkstone Capital bought the property out of foreclosure in 2016.

Trammell Crow Residential has developed more than 250,000 units in major markets, according to its website. The real estate firm tried to build a 21-story, 181-unit apartment tower in downtown Fort Lauderdale, but the city council voted against the project in August.