The Related Group’s expansion into the luxury apartment market paid off big as it sold the Manor at Flagler Village in Fort Lauderdale for $148.89 million.RD Flagler Village, an affiliate of the Miami-based developer best known for its condo projects, sold the 382-unit complex at 501 N. Federal Highway to T-C The Manor at Flagler Village, an affiliate of TIAA-CREF. That equates to $389,764 a unit for the property, built in 2014.
With units ranging from one to three bedrooms, the Manor at Flagler Village totals 734,444 square feet on 5.3 acres. Amenities include a pool, summer kitchen, club room, fitness center and private dog park.
It’s part of the recent apartment boom in downtown Fort Lauderdale. Related Group also built New River Yacht Club, and will build a second phase of that project. Icon Las Olas is currently under construction.
TIAA-CREF is big on Broward rentals, as it paid $52.1 million in October for the Veranda Apartments in Plantation.