Brad Capas, senior director, and Rosendo Caveiro, director of the South Florida apartment brokerage team of Cushman & Wakefield, represented the seller, Jefferson Place LP, an affiliate of Irving, TX-based JPI, in the transaction. The five-story building is the first large-scale residential development in Flagler Village, according to Capas. Since JPI selected the site for future development about five years ago, the once-blighted area has undergone redevelopment into an arts-oriented neighborhood containing several smaller-scale residential buildings along with new retail and restaurant properties.
"Uncertainty about the viability of the neighborhood for luxury housing was one of the initial challenges we faced in the marketing of Jefferson Place," Caveiro says. "There were a number of prospective buyers that simply could not envision Flagler Village as a thriving residential community with new, high-end housing. Today, I'd be willing to bet that many of those groups have changed their view on this area."
The building contains 131 one-bedroom, 103 two-bedroom and nine three-bedroom units, and the average unit size is approximately 960 sf. Rental prices for one-bedroom units begin at $985 a month; two-bedroom, two-bath units begin at $1,405 a month; and the largest units rent for between $1,925 and $1,975 a month. The property has a pool, sundeck, spa, clubroom with billiards, fitness facility, business center and 369-space parking garage. BF Group has not yet established the for-sale condo prices.
Meanwhile, Brian Gray, JPI's SVP and regional managing partner, says, "we are continuing to look for more opportunities across the South Florida market." Over the past eight years, his company has developed more than 3,000 luxury apartment units in this area of Florida.
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