TA Realty drops $112M on apartments in Flagler Village

The complex sold for $329K per unit

Jan.January 31, 2020 05:00 PM
400 Northeast Third Avenue, Morgan Group CEO (Credit: Google Maps)

400 Northeast Third Avenue, Morgan Group CEO (Credit: Google Maps)

The love affair with multifamily properties in Fort Lauderdale’s Flagler Village continues.

TA Realty bought a 340-unit apartment project in Fort Lauderdale’s Flagler Village for $112 million from a partnership between Morgan Group and JPMorgan. The development, known as Pearl Flagler Village, sold for $329,411 per unit, records show. The project at 400 Northeast Third Avenue opened a year ago.

The apartment complex has 12 studios, 238 one-bedrooms, 80 two-bedrooms and 20 three-bedroom apartments.

Morgan Group bought the property in 2016 for $14.95 million, records show.

Flagler Village is one of the hottest areas for new development in Fort Lauderdale, as it seeks to position itself as a Wynwood-style arts neighborhood.

In December, Alta Developers scored a $127.5 million loan for two new apartment complexes in the neighborhood. And Mill Creek is building a 24-story, 350-unit luxury apartment building called Modera 555 at 812 Northeast Fifth Avenue.

Houston-based Morgan Group has had a busy week. The company purchased a mobile home park near a Walmart Supercenter in Fort Lauderdale for $10 million earlier this week.

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