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.

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