(Read more on the multifamily market.)

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PLANTATION, FL-Miami-based American Land Ventures is planning tobreak ground in the first quarter on the $84-million, 251-unitfirst phase of the Residences at the Fountains apartment complex onUniversity Drive. The project will be constructed in twophases.

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A 12-story tower will be constructed in the first phase, a227-unit, 11-story tower in the second. The first phase is expectedto be completed in late 2009. The project will consist of studio,one-, two- and three-bedroom units that will range in size fromapproximately 710 to 1,533 sf. The average size of a unit is 1,096sf. Community amenities include a business center, lap pool, cybercafé and fitness center.

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Miami-based Madison Capital Group LLC served as a financialadvisor to American Land Ventures in the project.

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The project will be constructed at the site of an underutilizedsurface parking lot in Plantation's Midtown District. "TheResidences at the Fountains will be a residential communityintegrated in the neighboring retail, office and hospitalitycomponents creating a mixed-use urban village in the heart ofPlantation's core economic hub," says American Land Venturesprincipal Granvil Tracy, in a prepared statement. "Thecomplimentary uses should result in more efficient parking andtraffic management as well as returns greater than the marketbecause of the mix of uses."

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Martorella tells GlobeSt.com that $20 million in equityfinancing was secured for the first phase of the project. Targetrents for the complex will be in excess of $2 per sf. A start datefor the second phase of construction on the project has not yetbeen determined. The project is located in Plantation's town centerredevelopment and will be walking distance to a Barnes & NobleBookstore, the Broward Mall and several restaurant and nightlifedestinations.

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