Crocker Seeks $120M JV Equity Partner to Develop Las Olas Multifamily

(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)

FORT LAUDERDALE, FL—Crocker Partners is on the hunt for a joint venture equity partner for its $120 million project to develop Las Olas Tower, a multifamily project in Fort Lauderdale. The firm hired Jones Lang LaSalle’s Capital Markets group to execute the search.

The proposed Las Olas Tower would stand at 42 stories. Crocker is billing the class A-plus high-rise multifamily complex as the most iconic structure in the Central Business District. When developed, it will be the tallest building in Broward County and nearly three times the height of the next tallest rental building.

Crocker hopes to tap into what it sees as an increasing demand by both Millenials and seniors to live in the only truly “walkable” offering in the market. But first, Crocker has to secure a joint venture partner to build what would be the first multifamily luxury high-rise to come online in Fort Lauderdale in more than a decade. That’s where JLL managing directors Jubeen Vaghefi, Denny St. Romain and Jeff Morris come in.

“One of the challenges to raising capital lately is that equity investors are focused on a small number of markets and specific locations within those markets,” St. Romain tells GlobeSt.com. “This project happens to be the epitome of what investors are seeking—a favored market in an urban, walkable setting.  Since most equity investors are bombarded with opportunities lately, getting them to focus in on the right opportunity is the toughest challenge.”

Vaghefi pointed out that vacancy rates for class A multifamily product in the Fort Lauderdale market are at a five-year low and expected to continue to decline, even in the face of some new deliveries expected. Since Crocker Partners has a long history in this arena, with more than 26 years of experience developing urban, mixed-use projects, JLL expects the opportunity to attract plenty of institutional interest.

Las Olas Tower promises panoramic views of the New River, Atlantic Ocean and central business district. Currently, the site is the only rental that would provide out-the-front-door access to Fort Lauderdale’s famous Las Olas Boulevard. Space is also being carved out for a 10,000 square foot restaurant adjacent to the lobby.
 
“We are looking for equity partners whose investment horizons, goals, and culture match the closest to the developer,” St. Romain says. “Ideal characteristics are those that understand the nature of the unique location, the advantages of developing multifamily today, and those who have the most attractive return structures.”