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.