Sterling Equities pays $92M for Fort Lauderdale apartments

Deal equates to about $323K a unit

Miami /
Jan.January 27, 2021 03:30 PM
Solmar on Sixth with PGIM Real Estate CEO Eric Adler and Sterling Equities co-founder Fred Wilpon (Google Maps)

Solmar on Sixth with PGIM Real Estate CEO Eric Adler and Sterling Equities co-founder Fred Wilpon (Google Maps)

An affiliate of Sterling Equities paid $92.4 million for a 286-unit apartment complex in Fort Lauderdale.

The Great Neck, New York-based real estate operator bought the complex at 408 Northeast Sixth Street, called Solmar on Sixth, according to records. The complex is inside the city’s Flagler Village neighborhood. The deal equates to about $323,000 a unit.

The seller is an affiliate of PGIM, the Newark, New Jersey-based investment management business of life insurance company Prudential Financial.

The land sold for $13.7 million in 2007. The apartments were built two years later. Solmar on Sixth has one- to three-bedroom units available with monthly rents ranging from $1,922 to $2,899, according to an online listing.

Sterling is run by the Wilpon and Katz families. Last year, the Wilpons sold a stake in the New York Mets MLB team, giving hedge fund manager Steve Cohen majority ownership of the team.

Sterling Equities’ other recent purchases in South Florida include $95.3 million for a newly built Pompano Beach rental complex along the Intracoastal Waterway, and $154.35 million for a 400-unit Midtown Miami apartment tower.

Earlier this month, Madison Capital and PGIM sold their recently revamped mixed-used office building in Downtown San Francisco for $165 million. PGIM is also partnering with Bridge Development Partners on a speculative cold storage project in Hialeah.






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