Pinnacle Housing Group’s two-year-old apartment project near Fort Lauderdale’s waterfront is hitting the market, and the listing brokers are expecting offers in the $50 million-plus range.
Miami-based Pinnacle completed Elyps, an eight-story building with 140 units at 2500 Southwest 22nd Terrace, in 2023, records show. The development firm is led by partners Louis Wolfson III, David Deutch, Timothy Wheat and Coraly Rodriguez.
“We expect [Elyps] to trade in the low $50 million range,” said Troy Ballard, a broker on the CBRE team marketing Elyps. “That makes it very attractive considering the [project] size with the waterfront nature. When someone buys [a waterfront multifamily project], they tend to hold on to them longer.”
Pinnacle’s business plan is to develop projects, stabilize them and move on to the next one, Ballard said.
Elyps, which overlooks Marina Bay Marina, is 94 percent leased with the average rent hitting $2,819 a month, according to CBRE The project offers a mix of one-, two- and three-bedroom units. Elyps is also designated as a Live Local Act project, making it eligible for property tax credits on 100 units valued at $2,700 per apartment.
Elyps is the type of a mid-size multifamily project that expands the buyer pool beyond national institutional firms to include small family offices and high net worth real estate investors seeking a 1030 exchange deal, said Calum Weaver, another CBRE broker marketing the property.
“It’s a very, very limited number of deals that trade with this number of units for new construction anywhere in South Florida,” Weaver said. “It will check all of the boxes for a lot of different buyers.”
Overall, South Florida has experienced a handful of big-ticket multifamily trades through the first three months of the year. This month, Coral Gables-based Shoma Group sold Shoma Village, a mixed-use complex with 304 apartments, for $81 million to North Miami-based IMC Equity Group. In another March sale, insurance mogul Ivan Herrera’s Unicapital Asset Management Group paid $71.5 million for 850 Living, an eight-story, 230-unit multifamily project in Miami built in 2022 by the late developer Sergio Pino.
Last month, Aventura-based BH Group dropped $83 million for a waterfront complex of three 10-story buildings with 338 apartments in North Bay Village. And in January, Related Group and 13th Floor Investments, both based in Coconut Grove, acquired Arium Lincoln Pointe, a 285-unit property in Aventura, for $96.5 million.