Flagler Village – Related Group sells downtown Fort Lauderdale apartment complex for $149MJul 16, 2015, 1:24pm EDT

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.



Fannie Mae survey finds optimism about buying a home


South Florida Business Journal

Date: Monday, July 9, 2012, 3:09pm EDT – Last Modified: Monday, July 9, 2012, 3:11pm EDT


Housing market confidence among Americans continues to trend in a positive direction despite stalling optimism about the economy and personal finances, according to results from Fannie Mae’s    June 2012 National Housing Survey.

The report contrasts with the plummeting housing market during and after the recession, but mirrors a report by the University of Florida in June that the median price for a Florida house was $147,000, the highest since August 2009. Short sales now account for more sales than foreclosures.

Fannie Mae’s results indicate flattening economic trends may be contributing to waning consumer expectations about their personal financial situation, which was reflected by a 4 point drop in Floridians’ consumer confidence in June.

Americans’ continued positive sentiment about housing appears to remain buoyed by low house prices and interest rates at historically low levels, Fannie Mae said in a news release.

“While consumers remain cautious about the general economy, their attitudes toward the housing market continue to improve,” said Doug Duncan, senior vice president and chief economist of Fannie Mae. “Although this positive trend may be short-lived if the general economy falters, one might ask whether consumers are increasingly seeing the current environment as a unique opportunity to buy a home while home prices remain depressed, rental costs are increasing, and interest rates are near historic lows.”

Respondents expect home prices to increase 2 percent in the next year, on average, and 35 percent of Americans say that home prices will go up in the next twelve months (also the highest level recorded since the survey began in June 2010). In turn, the share of consumers who say they would buy if they were going to move increased by 6 percentage points this month (the highest level seen in the survey’s two-year history)

At the same time, 36 percent of Americans think the economy is on the right track (down 2 percentage points since May) and 57 percent think the economy is on the wrong track (up 1 percentage point). The percentage of respondents who expect their financial situation to remain the same over the next year dropped by 4 percentage points from last month to 42 percent, while only 18 percent say their household income has improved (also down 4 percentage points).

Fort Lauderdale Fresh Market sells for $6.8M

April 25, 2012 12:45PM

The Fresh Market in Fort Lauderdale has been sold for $6.82 million, according to Marcus & Millichap, which represented the seller, a developer, in the transaction. The sale of the 19,1760-square-foot property represented an average price of $356 per square foot. “This newly-developed, state-of-the-art facility is located in an affluent area of South Florida,” said Lior Regenstreif, a vice president investments and senior director at Marcus & Millichap’s Net Leased Properties Group. The property has a new tenant on a recently- signed 15-year lease. The building is located at 400 North Federal Highway in Fort Lauderdale on a 1.4-acre lot. — Alexander Britell