research
At the end of the year, the asset is 93% leased.
From left to right: Raimondo Amabile of PGIM Real Estate, Kenneth Stiles of Stiles and Cathy Marcus of PGIM Real Estate as the construction of Ellsworth apartments at 1301 Southwest 80th Terrace in Broward County (Getty, PGIM Real, Stiles, MSA Architects)
Stiles and PGIM Real Estate’s 315-unit Ellsworth construction in Plantation has hit the market for about $150 million, The Real Deal has learned.
Fort Lauderdale-based Stiles and Newark, New Jersey-based PGIM will sell the property, which is 93% leased, according to a source, who also showed the asking price.
Ellsworth offers one- to three-bedroom units, averaging 1,019 square feet, with average monthly rents of $3,250, the source said.
Last year, developers finished the eight-story, 4. 3-acre structure on 1,301 Southwest 80th Terrace, records show. Stiles and PGIM purchased the progression for $5. 4 million and secured a $64. 2 million structure loan in 2021. Ellsworth is adjacent to Kol Ami Emanu-El Temple, which sold the Array progression
PGIM Real Estate is led by co-CEOs Cathy Marcus and Raimondo Amabile. Both declined to comment.
Robert Given and Zachary Sackley lead CBRE’s marketing team in Ellsworth. Despite the rejection of the comment, Ballard returned a request for comment.
In South Florida, several advertised homes have appeared on the market since last summer. Despite a slowdown in investment sales and expectations that higher interest rates would lower costs, the listings are out of date as traders bet that immigration to South Florida continues. make the tri-county domain a sought-after investment market.
This month, the Aimco waterfront tower and the adjacent Brickell apartment tower in Miami hit the market for a combined $650 million. The 4. 3-acre site is being marketed as a redevelopment opportunity, allowing for the creation of several super-large acreage covering a total of more than 3. 1 million square feet.
Amid South Florida’s post-pandemic real estate boom, Brickell has a magnet for new renters in the market. Aimco’s properties, Brickell Bay Office Tower at 1001 Brickell Bay Drive and Yacht Club Apartments at 1111 Brickell Bay Drive, are a lot north of the planned site for the headquarters of Ken Griffin, Citadel and Citadel Securities. The multibillion-dollar hedge fund snapped up the 2. 5-acre land in 2022 for $363 million.
Last summer, Moinian Group’s 43-story, 434-unit Bezel apartment tower, located at 650 Northeast Second Avenue in Miami Worldcenter, was advertised for about $300 million. Also at the time, BlackRock indexed the six-story, 217-unit Worthing Place building. , located at 32 Southeast Second Avenue in Delray Beach, for about $130 million.
If Bezel and Worthing Place were at sales prices, the transactions would be $691,244 per unit and $599,078 per unit, respectively. At Ellsworth’s asking price, a sale would be $476,190 per apartment.
South Florida’s multi-circle family market saw a slight uptick in investment sales last spring and summer, with buyers most commonly being discretionary budget corporations capitalized with equity from institutional investors and family offices. Many buyers took out loans from dealers or turned to insurance. corporations and Freddie Mac to get better financing terms.