Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

AVENTURA, FL-A partnership controlled by Chatham, NJ-based Brian Stolar has acquired a portion of the Lincoln Pointe development site for $64 million. Development partners New York City-based Tarragon Corp. and Miami-based Shefaor Development were the sellers.

Under terms of the agreement, Tarragon and Shefaor’s ownership of the site was reduced to 79.5% and $14 million of preferred equity. The buyer has agreed to purchase the $14 million in preferred equity within 18 months or full ownership will revert back to Tarragon and Shefaor. Under the agreement, Tarragon and Shefaor also granted the partnership a three-month option to purchase an additional 61% ownership for $12 million. If the partnership exercises the option, Tarragon will retain an 8% interest in the property and Shefaor about 10%. Shefaor has also been retained to coordinate and supervise the new development for a fee based on the ultimate sell-out value of the project. Tarragon chairman and CEO William Friedman tells GlobeSt.com that Tarragon and Shefaor decided to sell their interest in the project to reap the profits and “take some of our chips off the table.” “If the partnership does not exercise the option, then we’ll develop the property.”

Friedman adds that Tarragon and Shefaor plan to begin marketing efforts in the fall with demolition of the existing building to begin in about a year. “The timing depends on how quickly plans develop and the pre-sales efforts,” Friedman says.

Tarragon and Shefaor bought the 285-unit Lincoln Pointe Apartments for $41 million in 2004 and had originally planned to convert the complex into condominiums. However, the companies scrapped those plans in favor of constructing a new 460-unit high rise condominium tower. The project is situated on a peninsula just northwest of the Williams Island Marina on a 9.1-acre waterfront site at 17900 N.E. 31st Court. Tarragon and Shefaor has prepared preliminary plans and obtained development approvals for the new plans.

“We purchased this property intending to convert an older apartment project to condominiums. Although that strategy was sound, we realized that the site’s highest value could be obtained through more intensive development,” Friedman said in a prepared statement. “We worked closely with neighborhood groups and the town of Aventura to put together a development plan that met the town’s stringent requirements for what will probably be the last waterfront high-rise to be developed in that highly sought-after community.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.