An affiliate of Morgan Group sold the newly built Riverland Apartment Homes in Fort Lauderdale for $108.25 million.
Riverland Owner LLC, in care of Houston-based Morgan Group, sold the 276 apartments at 420-432 S.W. 27th Ave. to Terra Funding – Riverland LLC, in care of Jay H. Shidler, the head of Honolulu-based commercial real estate firm Shidler Group. Webster Bank awarded a $81 million mortgage to the buyer.
The seller was represented by Berkadia’s Roberto Pesant, Jaret Turkell, Omar Morales and Jose Mota.
“Riverland is uniquely positioned to draft off the demand for housing in or near downtown Fort Lauderdale while also providing its residents superior connectivity to the region’s major employment hubs,” Pesant said.
The price equated to $392,210 a unit.
Totaling 278,398 square feet, Riverland was built on the 11.1-acre site in 2021. It’s located behind the Walmart on Broward Boulevard, just west of Interstate 95. That means it’s not far from downtown Fort Lauderdale and the Tri-Rail passenger station.
Amenities at Riverland include a pool, a fitness center, a lake, a clubhouse and a business center.
Rents for South Florida apartments and single-family homes have increased at the fastest rates in the nation. The trend has, in turn, increased demand among investors, which are buying apartment complexes for high valuations across the tri-county area.
Shidler Group is no stranger to South Florida. In December, it acquired a Boynton Beach apartment complex co-developed by Morgan Group.
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