Multifamily sales continue to aim for new heights in South Florida, as buyers with ample resources are flocking to the hottest market.
This week, Salt Lake City-based Property Reserve, the investment arm of the Church of Jesus Christ of Latter-day Saints, paid $133M to buy a newly built multifamily campus in Plantation.
The eight-story building known as The Ellsworth encompasses 315 units at 1301 and 1303 Southwest 80th Terrace in proximity to the intersection of I-595 and South University Drive. The deal translates to about $422K per unit.
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Property Reserve bought The Ellsworth from its developers, Stiles, a firm based in Fort Lauderdale, and NJ-based PGIM Real Estate.
The partners completed the project last year. The building is adjacent to Temple Kol Ami Emanu-El, which sold the 4.3-acre development site to Stiles and PGIM in 2021 for $5.4M.
The Ellsworth was listed in March, with an asking price of about $150M. The property was 93% leased at the time, with monthly rents ranging from $2,915 to $4,234.
Higher for longer interest rates, the withdrawal of traditional lenders and the waning of a two-year surge in rent growth don't appear to be dampening interest in multifamily trades in South Florida.
A bevy of recent transactions in South Florida includes Chicago-based Mesirow's purchase for $89M of The Retreat at Sawgrass Village, a 325-unit apartment complex near the Sawgrass Mills mall in Sunrise.
The Retreat, which includes a five-story building and three one-story buildings at 3001 Northwest 130th Terrace, was sold by AMLI Residential. The acquisition was financed with a $71M loan from Equitable Financial Life Insurance Co.
NY-based Pantzer Properties paid $139M last month to acquire AMLI Doral, a 6.4-acre garden-apartment complex at 11481 Northwest 41st Street in Doral. JLL Real Estate Capital provided Pantzer with an $87.6M mortgage for the property, which will be renamed The Point at Lakeside, according to a press release.
Brookfield Properties recently purchased the 444-unit Turtle Cove apartment complex in unincorporated Palm Beach County for $107.5M from Miami Beach-based Starwood Capital Group.
In the top multifamily deal in South Florida so far this year, Los Angeles-based Ares Management paid $139.7M—about $492K per unit—in May for Ceru, an eight-story apartment campus encompassing 284 units. Ceru, located at 5205 Congress Avenue in Boca Raton, was sold by Fort Lauderdale-based Mainstreet Capital Partners.
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