MORGAN Opens Mid-Rise Fort Lauderdale Multifamily Project
The mid-rise Pearl Flagler Village project, developed by MORGAN and institutional investors advised by J.P. Morgan Asset Management, includes 12 studios, 238 one-bedroom, 80 two-bedroom and 20 three-bedroom units.
FORT LAUDERDALE—Houston-based development firm MORGAN reports it has opened its second project within the upscale Flagler Village here—a 350-unit multifamily project at 400 NE 3rd Ave.
The mid-rise Pearl Flagler Village project, developed by MORGAN and institutional investors advised by J.P. Morgan Asset Management, includes 12 studios, 238 one-bedroom, 80 two-bedroom and 20 three-bedroom units. Six of the apartments total nearly 1,700 square feet and contain three bathrooms, which is unique for the Fort Lauderdale market. The property also features a small component of live-work units and commercial flex space fronting NE 3rd Ave.
“Flagler Village continues to prove itself as the premier urban submarket in Fort Lauderdale,” says MORGAN regional VP Evan Schlecker. “The walkability to high-end restaurants and retail a few blocks south, mixed with the accessibility to the Brightline/Virgin station and FAT Village Arts District, makes our location an urban renter’s dream. “
He adds that the continued development in the area will only strengthen its investments. Schlecker also notes that retail developers continue to study sites in the area “to capture the spending strength of the new residents that MORGAN and others are delivering, and we are eager to see what they will bring to the already bustling area.”
MORGAN’s other communities in South Florida include Midtown 29, a 20-story, 309-unit mixed-use apartment tower in Midtown Miami, which opened in February 2018, and Pearl Dadeland, a 412-unit apartment building in Miami built in 2017 that is currently being marketed for sale. Cortina III, a 433-unit garden style project in Boynton Beach with 55 townhomes, is scheduled to begin construction in the first half of 2019.
MORGAN, which maintains a regional office in Miami, has developed more than 20,000 units at a cost of $3.1 billion since 1998. J.P. Morgan Asset Management has a portfolio of more than 50,000 apartment units in the US, including more than 4,100 units in Florida.