Hawaii’s former richest person pays $108M for newly built Fort Lauderdale apartments

Jay Shidler also recently bought a Boynton Beach complex

Miami /
Mar.March 31, 2022 12:30 PM

Riverland Apartments at 420-432 Southwest 27th Avenue in Fort Lauderdale with The Shidler Group’s Jay Shidler (Google Maps, The Shidler Group)

Jay Shidler, who years ago ranked as Hawaii’s wealthiest resident, is expanding his South Florida multifamily portfolio, scooping up a newly built Fort Lauderdale apartment complex for $108.3 million.

His Honolulu-based Shidler Group bought the Riverland Apartments at 420-432 Southwest 27th Avenue from the project’s developer, Houston-based Morgan Group, according to records. The buyer’s affiliate borrowed $81 million from Webster Bank to finance the purchase.

The 276-unit community consists of six four-story buildings, property records show. It was completed last year.

The deal breaks down to $392,210 per unit.

Morgan Group, led by Chairman Michael Morgan and CEO Philip Morgan, built Riverland on 11 acres that formerly were home to a 110-unit mobile home park. Morgan paid $10 million for the site in 2020.

Riverland offers studios, as well as one- to three-bedroom apartments, with rents ranging from $1,915 to $3,709 a month, according to Apartments.com.

The deal follows Shidler Group’s purchase of the Sealofts at Boynton Village apartment complex at 600 Sealofts Drive for $153 million in December.

Shidler ranked as Hawaii’s richest person in 2014 when his estimated net worth was $700 million, according to a Wealth-X report for that year.

Shidler Group, founded in 1972, has made debt or equity investments in more than 2,000 properties across the U.S., according to its website. In 2019, the company started a platform to invest in rental communities in cost-burdened markets.

Rents across South Florida have skyrocketed over the past year, pricing out locals whose incomes for years have lagged behind that of out-of-staters. Realtor.com ranked the Miami metro area, inclusive of Fort Lauderdale and West Palm Beach, as the most cost-burdened nationwide in February, with tenants spending on average 60 percent of their income on rent.

This has created an appetite from investors. In another Fort Lauderdale deal in March, California-based Thomas Tomanek & Associates bought the newly built Motif apartment building in Flagler Village for $195 million.





    Related Articles

    arrow_forward_ios
    Alterra Property Group's Leo Addimando and 1645 Northwest 33rd Street in Pompano Beach (Google Maps, Alterra Property Group)
    Philly firm pays $14M for Pompano Beach warehouse
    Philly firm pays $14M for Pompano Beach warehouse
    Trippie Redd with 5600 Southwest 136th Avenue (Getty, iStock, Richard Lopez of Lopez Productions, Illustration by Shea Monahan for the Real Deal)
    Rapper Trippie Redd buys Southwest Ranches estate
    Rapper Trippie Redd buys Southwest Ranches estate
    the Church of God Evangelical at 12830 Northeast Sixth Avenue in North Miami with Daniel Jaramillo and Tomas Sinisterra of Strategic Properties based in Miami (Google Maps, LinkedIn)
    Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
    Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
    Blue Road’s Marcelo Tenenbaum and Jorge Savloff with Emblem Tower (Northmiamifl, Blue Road, iStock)
    Blue Road plans 20-story, 139-unit multifamily project in North Miami
    Blue Road plans 20-story, 139-unit multifamily project in North Miami
    renderings of the proposed three-tower development on the site of an existing Hyatt and the James L. Knight Center on the Miami River at 400 Southeast Second Avenue, Miami (Arquitectonica, Gencom, LinkedIn)
    Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
    Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
    Two Roads' Reid Boren and Taylor Collins with the site of 9927 and 9955 East Bay Harbor Drive in Bay Harbor Islands (Two Roads, Google Maps)
    Chicago developer buys four waterfront Bay Harbor Islands dev sites for $23M
    Chicago developer buys four waterfront Bay Harbor Islands dev sites for $23M
    Pantzer's Jason and Jordan Pantzer with The District Flats apartment complex at 1701 Clare Avenue (Pantzer Properties, Google Maps)
    Pantzer pays $78M for West Palm Beach apartment complex
    Pantzer pays $78M for West Palm Beach apartment complex
    The Gateway at Wynwood office building at 2916 North Miami Avenue with R&B Realty Group CEO Aron Rosenberg (LinkedIn, R&B Realty Group)
    Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants
    Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants
    arrow_forward_ios

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

    Loading...