LeFrak Buys Fort Lauderdale Apartments For $180M: The South Florida Deal Sheet
South Florida’s largest condo developer sold a Fort Lauderdale apartment complex under the condition that its new owners won't convert it into condos in the next seven years.
Multiple entities tracing to New York real estate dynasty The LeFrak Organization purchased the Harbour at New River Apartments from The Related Group and Rabina Properties for $180M, according to property records provided by Vizzda.
LeFrak took out a $100M loan from Northwestern Mutual to finance the purchase. The deed included a measure that blocks the building from being converted into condos until 2033.
The 337-unit, 36-story apartment tower totals 936K SF at 401 SW First Ave. The studio and one-to-three-bedroom units span between 650 SF and 1,790 SF, with prices starting at $2,940, according to Apartments.com.
LeFrak, run by billionaire Richard LeFrak, develops, owns and manages large-scale properties such as LeFrak City in Queens, huge swaths of the Jersey City waterfront and the 184-acre SoLé Mia development in North Miami.
The Related Group, led by Jorge Perez, and Rabina Properties delivered the Harbour at New River in 2024.
SALES
An entity tracing to Pulso Capital Group sold a 39-unit townhome community to an affiliate of LTD Real Estate for $25M, according to property records provided by Vizzda.
The Prestige at Palm Aire in Pompano Beach comprises eight two-story buildings totaling 66K SF. The community at 4091 Siena Circle was built in 2022.
LTD Real Estate took out a $12M loan from Ocean Bank for the acquisition.
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Trinity Investments and Sculptor Real Estate purchased the JW Marriott Marco Island Beach Resort in southwest Florida for $835M, according to a release.
The deal was financed with a $690M CMBS loan from Wells Fargo and JPMorgan Chase. Barings, MassMutual's real estate arm, sold the resort after 40 years of ownership, the Fort Myers News-Press reported.
JLL’s Kevin Davis, Daniel Peek, Andrew Dickey, Mike Huth, Maciej Polek, Wyatt Krapf, Jesse Pohl and Jade Lewin brokered the sale and loan.
The 809-key resort sits on 26 acres at 400 S. Collier Blvd. It includes 12 restaurants, 140K SF of meeting and event space, two 18-hole golf courses, a 24K SF spa, five pools, tennis courts, a gym, business centers and a private membership club.
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Alta Development acquired a development site from Pacmiso 13 Corp. and Grec Pinecrest LLC for $29M to build student housing, the South Florida Business Journal reported.
The developer plans to build 173 units with 675 beds across 16 stories by fall 2028. The project at 5959 SW 71st St. and 7090 SW 59th Place will offer two pools, a study room, a gym, saunas and an outdoor lounge.
The project was approved for the University of Miami in February, the SFBJ reported.
FINANCING
Continuum Co. landed a $350M loan from S3 Capital to build the Continuum Waterfront District in North Bay Village, according to a release.
The loan breaks down into $261M funding the construction of Phase 1 and $83M for the predevelopment of phase two.
Law firm Cole Scholtz's Matthew Schneid, Drew Barone and Alexander Ortiz advised Continuum in the deal.
Phase 1 will include the 36-story Continuum Club & Residences West, with 236 condos that are slated for completion in 2028. The second phase would be a 300-condo Continuum Club and Residences East, a boutique hotel and a 20-slip marina, expected to deliver in 2030.
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Property Markets Group and Lndmrk Development landed a $126M construction loan from Madison Realty Capital and Siguler Guff for an eight-story boutique condo project in Wynwood, according to a release.
The 233-unit short-term-rental-friendly Twenty Sixth & 2nd Wynwood Residences is set to be completed in 2028. Condos, which are priced between $500K and $1M, come with a deeded office that can also be rented out.
Roughly 73% of the project, which has 475 linear feet on the waterfront, has already been sold, according to the release. Amenities include a meditation and yoga house and spa treatment rooms.
The condo project will also have 26K SF of retail on the ground floor, which is owned by ASG Equities.
CONSTRUCTION AND DEVELOPMENT
The city of Riviera Beach selected Sonnenblick Development LLC to build a 125K SF City Hall and library, according to a release.
The company signed a 30-year, triple-net lease for the $125M project, which will include a 400-car parking garage on a 10-acre site. Construction is expected to begin in 2027.
Sonnenblick tapped Kaufman-Lynn Construction as the general contractor and West Palm Beach-based Leo A Daly Architects for the project.
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Robins & Morton and Remedy Medical Properties broke ground on a 188K SF, eight-story medical office building in Fort Lauderdale, the developers announced.
The Broward Health Medical Center will have 129 exam rooms, with the flexibility to expand to 237, for services in cardiovascular, pulmonology, gastroenterology, neuroscience, women’s services and primary care. The developers are also constructing a seven-story parking garage with 700 spaces at the location.
The project is expected to finish next year.
THIS AND THAT
Related Ross, led by Miami Dolphins owner and billionaire Stephen Ross, gave $1M toward Trinity Park, the public park adjacent to the company’s Phillips Point office tower in West Palm Beach, according to a release.
The donation to the park is part of the $120M renovation of Phillips Point, an office complex that was originally built in 1985 and is now going through architectural upgrades, infrastructure improvements and an amenity program update.
The public park, expected to be completed in the second half of this year, is being redesigned with new landscaping, walkability improvements and the addition of retail.
