TA Realty drops $112M on apartments in Flagler Village

The complex sold for $329K per unit

Miami /
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.


Related Articles

arrow_forward_ios
Dev Motwani and Nitin Motwani with a rendering of 530 North Birch Road (Adache Group Architects)
Motwanis win approval to expand planned Fort Lauderdale condo project
Motwanis win approval to expand planned Fort Lauderdale condo project
Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B Realty Group and Todd Rosenberg of Pebb Capital (Google Maps, LinkedIn, Pebb Capital, R&B Realty Group, Cushman & Wakefield, CBRE)
South Florida office sales falter, despite strong leasing
South Florida office sales falter, despite strong leasing
Jose Luis Zapata with 505 North Fort Lauderdale Beach Boulevard (Orchestra Hotels, Google Maps)
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
Sharon Gustafson, Laurent Ouazana and 3916 Country Club Lane (Facebook/Sharon Gustafson, Twitter/@hellolab, Susan Rindley with One Sotheby’s International Realty, Getty)
French insurance CEO buys Fort Lauderdale estate
French insurance CEO buys Fort Lauderdale estate
Renderings of the residential tower in downtown Fort Lauderdale (ODA Architecture)
Brooklyn firm looks to build 47-story Fort Lauderdale tower
Brooklyn firm looks to build 47-story Fort Lauderdale tower
A photo illustration of 1712-1718 Southeast 12 Court in Fort Lauderdale (Getty Images, Google Maps)
Waterfront Fort Lauderdale spec estate trades for record $32.5M
Waterfront Fort Lauderdale spec estate trades for record $32.5M
Affiliated Development co-founder Nick Rojo along with 9445 Fontainebleau Boulevard in Miami (left) and the Bohemian apartment project in Lake Worth Beach (right) (Getty Images, Affiliated Development, Google Maps, MSA Architects)
“Slamming on the brakes”: South Florida’s record rent hikes slow
“Slamming on the brakes”: South Florida’s record rent hikes slow
Naftali Group's Miki Naftali and 501 Northeast Second Street in Fort Lauderdale (Naftali Group, Google Maps)
Naftali’s building purchase roils Fort Lauderdale church
Naftali’s building purchase roils Fort Lauderdale church
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...