Posted Mar 6, 2015, 5:51 PM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,935
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Developer pays $22M for portion of Art Institute of Fort Lauderdale
Quote:
The Art Institute’s Fort Lauderdale campus sold, and part of it will be developed into a 394-unit apartment complex, The Real Deal has learned. Art Institute Investment, sold the 6.25-acre site to Harbor Beach Investors on Tuesday. Harbor Beach, an affiliate of Alliance Residential and Invesco Real Estate, obtained a $66.5 million loan from Wells Fargo, Broward County records show. Berger Commercial Realty senior vice president Steve Hyatt represented Alliance Residential in the sale, according to a press release.
Alliance plans to develop 4.26 acres of the land at 1701 Southeast 17th Street into an eight-story apartment complex named Broadstone Harbor Beach. Proposed amenities include a club room, pool, putting green, gym and retail.
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http://therealdeal.com/miami/blog/20....t8XXBYf3.dpuf
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