ZOM Living Seeks $460M to Sell 2 South Florida Apartment Developments
Properties include 50-story Solitair in Brickell, and Las Olas Walk in Fort Lauderdale
A prominent apartment developer is marketing two newly built projects — and is expecting the properties to trade for $460 million or more.
ZOM Living is soliciting bids for the 438-unit, 50-story Solitair in Miami’s Brickell Financial District and the 456-unit Las Olas Walk on Las Olas Boulevard in Downtown Fort Lauderdale. The Miami tower was built in 2018, while the Fort Lauderdale project was just completed this year.
Cushman & Wakefield (CWK) began marketing the two buildings this week.
South Florida’s population growth and rebounding labor market are driving values of multifamily assets, said Cushman & Wakefield Vice Chairman Robert Given.
Apartment projects have sold briskly in recent months to buyers from New York, Chicago, Boston and Los Angeles, and U.S. properties are getting interest from international buyers from South Korea, China, Canada and Israel, Given said in a statement.
Monthly rents at Solitair range from $1,845 to $6,125, according to Apartments.com. Las Olas Walk’s rents start at $1,892 and go as high as $5,225. The buildings are more than 95 percent full.
Orlando-based ZOM is an active builder of multifamily properties. It has developed more than 2,000 units in Miami in recent years.
As home prices soar, South Florida apartments have remained a hot commodity. Brokerage Newmark this week said two affordable multifamily complexes in Broward County sold for $46 million each. Earlier this month, Atlanta-based Cortland bought a 226-unit apartment complex in Deerfield Beach for $70 million.