Related Group sells downtown Fort Lauderdale apartments for $85M

Jorge Pérez’s Related Group sold the New River Yacht Club apartments in downtown Fort Lauderdale for $85 million.

BJ Verde Properties, based in Harbor City, California, bought the multifamily tower at 400 Southwest First Avenue, records show. The buyer is managed by Baiyan Li.

The deal for the 249-unit building breaks down to $341,365 per apartment.

Coconut Grove-based Related built the 26-story New River Yacht Club in 2015 as the first phase of a three-phase complex. The tower is on nearly an acre, according to property records.

Related embarked on the project’s third portion before the second phase, as it scored a $47.9 million construction loan for the 230-unit New River Yacht Club III apartments in December 2019. The second phase is to have 349 units.

New River Yacht Club offers studios as well as one-, two- and three-bedroom units, according to its website. Rental listing website Apartments.com shows monthly rents range from $1,955 to $4,037 for the one- to three-bedroom units.

Related’s Pérez was given the moniker “Condo king” years ago for being Miami’s biggest condo developer. But the company in more recent years has expanded into other asset classes and areas.

In another downtown Fort Lauderdale venture, Related developed the 44-story, 272-unit Icon Las Olas.

In Miami’s Wynwood neighborhood, Related plans a mixed-use project with a pair of 12-story buildings that will include 317 apartments, 22,700 square feet of retail, 60,400 square feet of offices and 534 parking spaces. A city review board approved the proposal in March.