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AvalonBay pays $150M for apartment building with Whole Foods in Fort Lauderdale
Ram Realty sold the 243-unit, eight-story building
UPDATED, Oct. 29, 9:56 a.m.: AvalonBay Communities bought the Curv apartment building with a Whole Foods for $150 million, marking another indicator of ongoing investor appetite for South Florida multifamily real estate.
Ram Realty Advisors sold the eight-story building at 410 Southeast 16th Court in Fort Lauderdale to the Arlington, Virginia-based publicly traded real estate investment trust, property records show.
The mixed-use building includes a ground floor leased to Whole Foods, a garage, pool and 243 apartments. It was built last year across 3.3 acres.
Ram Realty assembled the development site in 2018 for $18.5 million, records show.
The deal breaks down to $617,284 per apartment, though that price does not take into account the Whole Foods or parking garage.
AvalonBay, led by Timothy Naughton, builds, redevelopers, buys and manages apartment properties across the U.S. but also focuses on retail and mixed-use, according to its website.
In 2020, AvalonBay paid $19 million for a Winn-Dixie in South Miami slated for apartment redevelopment with a grocery store.
Palm Beach Gardens-based Ram Realty, led by Casey Cummings and Jim Stine, is an investor, renovator and manager of commercial real estate throughout the Southeast U.S., according to its website.
Ram is developing a 300-unit apartment project with a supermarket in Oakland Park, thanks to a $56 million construction loan obtained in March.
The Curv deal shows investor appetite is not subsiding as the South Florida multifamily market remains hot.
Unprecedented demand is fueling soaring rents and catching the eye of investors.
In the most expensive deal this year, Cortland bought a new seven-building Boca Raton apartment community for $230 million in August.