Fairfield Residential sells new Flagler Village apartments for $92M

The 292-unit ORA Flagler Village Apartments sold for $315K per unit

Sep.September 11, 2019 05:30 PM
Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Amid a growing influx of high-end apartments in Fort Lauderdale, a company tied to a former Silicon Valley executive bought a new 292-unit apartment complex in Flagler Village for $92 million.

Fairfield Residential sold the property at 673 Northeast Third Street to a company tied to Lumin Chang, who was previously an executive with Wyse Technology, for $315,000 per unit. The buyer secured a $55 million loan from TIAA to acquire the property, records show.

ORA Flagler Village Apartments has one-bedrooms starting at $1,725 a month, according to Apartments.com.

Amenities include a game room, social lounge, dog wash station and a heated pool with cabanas.

Fairfield Residential purchased the property in 2015.

Wyse Technology is a manufacturer of cloud computing systems that was purchased by Dell in 2011. According to the Las Vegas Sun, a company tied to Wyse purchased two apartment complexes in Las Vegas for more than $90 million in 2012.

A number of large-scale apartment developments are going up in Flagler Village. Mill Creek is building a 24-story, 350-unit luxury apartment building called Modera 555 at 812 Northeast Fifth Avenue.

According to late 2018 data from Colliers International South Florida, there are 1,889 apartments at five major Flagler Village developments set for completion in 2019 and 2020.

In May, CalSTRS acquired Fairfield Residential from Brookfield Asset Management.

In November, Fairfield Residential sold Siena Apartments, a 292-unit apartment community at 8080 Northwest 10th Court in Plantation to American Landmark for $62 million. It also sold two apartment complexes, one in Tampa and another in Sunrise, in October to Priderock Capital Partners for $98 million.

The company is currently building a six-story apartment building, the Fairfield Pompano, at 601 North Federal Highway in Pompano Beach, which will have 327 rental units along with ground-floor commercial space.

Related Article


Former Miami mayor Maurice Ferré dies, banks seek to revise Adam Neumann’s credit line: Daily digest

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy 

Beraja family picks up Little Havana apartments

Jeffrey Soffer taps ex-Turnberry CEO to lead resi division, PMG and Greybrook big loan for co-living tower: Daily digest

The Wynwood property and David Edelstein

W South Beach owner gobbles up more land for Wynwood resi project

Clockwise from left: Jason Hochman, Dominic Montazemi, Miguel Alcivar, Michael Ciadella, and Scott O’Donnell with 2601 Building

Netz USA sells Fort Lauderdale office building to NAI/Merin fund

Douglas K. Mandel, Elon D. Gerberg, Howard Bregman and Joseph Granteed

Elysee Investments scores Fort Lauderdale retail center for $16M

Julie Jones-Bernard and 19 Isla Bahia Drive (Credit: Pintrest)

SoFla insurance magnate sells waterfront Fort Lauderdale home for $8M