Riverland Apartments, located just west of I-95 in Broward County, delivered in 2021
Berkadia announces it has arranged the sale of Riverland Apartments, a brand new, 276-unit garden-style luxury apartment community located in Fort Lauderdale, Fla.
Senior Managing Directors Roberto Pesant and Jaret Turkell, along with Associate Director Omar Morales and Senior Financial Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of MORGAN, a Houston-based multifamily investor. The property delivered in July 2021 and was stabilized by December 2021.
“Housing in Fort Lauderdale, and across most of South Florida and the Sun Belt, has become increasingly more expensive leading to an affordability issue,” said Evan Schlecker, President of MORGAN, based out of MORGAN’s Miami office. “MORGAN is focused on delivering new, Class A rental product at a more attainable price point that is within reach for citizens who are the backbone of their communities. We have a strong pipeline of similar communities planned across Florida to help add much needed rental product to the existing stock of options that is currently undersupplied. Riverland Apartments is a prime example of the product South Florida needs: surface parked, fully amenitized, with proximity to downtown, transportation corridors and retail.”
“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,” said Pesant. “The location presents a unique alternative to rapidly increasing downtown Fort Lauderdale rents. This, combined with a rental housing deficit in Broward County,a wave of corporation relocations and expansions to South Florida, have translated into substantial rent growth throughout lease-up.”
Located at 420 SW 27th Avenue, the new gated community consists of six, four-story buildings with a unit mix of 24 studios, 164 one-bedroom, 80 two-bedroom and eight three-bedroom apartments. Apartments offer high-quality finishes with an amenity package that includes contemporary spaces for social gatherings, fitness, business and relaxation. There is a resident business center, internet lounge, clubroom for gatherings, entertaining kitchen, a state-of-the-art fitness center with a virtual fitness studio, and mailroom with parcel lockers. Amenities include a covered seating area with gas grill stations, covered veranda for relaxation, pool pavilions, sunbathing deck, dog park and heated pool that overlooks a lake.
This property is ideally located just minutes from I-95, the Tri-Rail Station and two miles from downtown Fort Lauderdale, placing it within an easy community of some of the largest employment hubs in South Florida.
Morgan Group is a vertically integrated, 3rd generation family business that invests in multifamily housing through development and acquisitions in high growth US markets. In its history, MORGAN has built or acquired over $4.5 billion of multifamily assets, consisting of over 21,000 units. Currently, MORGAN’s owned and managed portfolio consists of more than 12,000 units across Texas, California, Arizona, Colorado and Florida. MORGAN has been headquartered in Houston since 1959 and currently has regional offices in Austin, Dallas, Miami, and Denver. Over the years, Morgan has received several awards as a top workplace, including The Houston Chronicle, Great Place to Work and the National Apartment Association. MORGAN has fostered valuable relationships and strategic partnerships throughout its 60-year history and attributes much of its success to its family values and entrepreneurial, team-oriented culture.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.