Related Group Sells Ft. Lauderdale Apartments For $149M

Law360, Miami (July 16, 2015, 10:22 PM ET) — The Related Group sold the Manor at Flagler Village, a 382-unit luxury apartment complex in downtown Fort Lauderdale, for nearly $149 million to an entity owned by Teachers Insurance and Annuity Association, according to records filed Thursday.
The Miami-based developer finalized the deal for the property at 501-575 North Federal Highway on Wednesday, with its affiliated entity RD Flagler Village LLP selling to T-C The Manor at Flagler Village LLP, the recorded deed shows.

The Manor at Flagler Village complex features studio, 1-, 2- and 2-bedroom-plus-study apartments featuring 10-foot ceilings, large balconies, and European kitchen cabinetry and granite countertops in the kitchens, according to the property’s website.

Common amenities include a resort-style pool deck with hot tubs, a courtyard, grill area, club room, business center, gym, private dog park, and bicycle storage. The property also includes some retail space. It is close by to restaurants and shops on Las Olas Boulevard, the Fort Lauderdale Museum of Art and Fort Lauderdale Beach.

Related Group paid $13 million for the land they built the apartments on in December 2011.

In October, the TIAA-CREF controlled entity T-C The Manor LLP paid $52.1 million to acquire the Veranda townhomes and Manor apartments in Planation, which were also developed by The Related Group.

The Related Group is not giving up on Fort Lauderdale, however. It is leasing the recently built New River Yacht Club and The Manor Lauderdale-by-the sea in Fort Lauderdale.

Other Florida real estate interests of TIAA-CREF’s include a joint venture with APG Asset Management that paid $499 million to midcap real estate investment trust Taubman Centers in 2014 for a 49.9 percent stake of International Plaza in Tampa. That property includes a shopping mall and hotels located in Tampa’s business district, near Tampa International Airport.

An affiliate of the Related Group received the highest score in the bidding to redevelop the Liberty Square affordable housing complex in Miami.

Miami-Dade County has pledged $74 million in public support to replace the aged public housing complex in the Liberty City neighborhood with new homes and amenities that would support the community. The county received bids from Related Urban, the affordable housing arm of Miami-based the Related Group, and Bay Harbour Islands-based Atlantic Pacific Cos.
Related Urban’s site plan for Liberty Square in Miami.
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Related Urban’s site plan for Liberty Square in Miami.

On Feb. 18, the county’s selection committee heard both proposals and gave Related Urban the edge with a score of 1,236, compared to 1,197 for APC. Now it’s up to Miami-Dade Mayor Carlos Gimenez to direct county staff to negotiate an agreement with the developer and send it to the county commission for approval.
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Liberty Square is located at the northwest corner of Northwest 62nd Street and Northwest 12th Avenue. One of the advantages of Related Urban’s plan is that the developer promised none of the current residents would have to be relocated from the property even as the building are replaced. That’s because the developer would fix up units there that are currently not inhabited. That would allow it to build more affordable housing on the Lincoln Gardens site in neighboring Brownsville.

Under Related Urban’s plan, Liberty Square would get 1,332 new housing units. That would break down to 640 units of public housing, 120 affordable elderly apartments, 224 affordable family units, 288 workforce housing units, and 60 home-ownership units that would be for either affordable or workforce buyers.

Related Urban would build 216 garden-style apartments there, with 105 of them public housing and the other 111 affordable housing.

The other features of Related Urban’s Liberty Square project would include an Alonzo Mourning Family Foundation youth center, a YMCA family center, a University of Miami UHealth facility, a Jessie Trice Community Health Centers clinic, a facility for the Foundation for Sickle Cell Disease Research, job placement programs with Miami Dade College and Florida Memorial University, a grocery store and retail spaces for mom and pop stores