Related Group Sells Fort Lauderdale Rental Tower for $85M
By Julia Echikson August 18, 2021 4:08 pm
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The Related Group has sold the New River Yacht Club, a rental tower in Fort Lauderdale, Fla., to Los Angeles-based investor Li Bayan for $85 million, records show.
Located at 400 SW 1st Avenue, the 26-story property sits along the New River by South Andrews Avenue. It holds 249 units and monthly rents for one- to three-bedroom apartments range between $1,955 and $4,037, according to Apartments.com.
Related Group constructed the building in 2014, with a $41 million loan provided by SunTrust Bank (now known as Truist) two years prior, per records. In 2015, the Miami-based developer also took out an additional $11.6 million mortgage from Berkadia.
Altman Management Company has been tapped to manage the property, taking over from TRG Management Co., Multi-Housing News reported.
Run by father-and-son duo, Jorge and Jon Paul Pérez, Related Group is one of South Florida’s largest condo developers. The group is fast at work in Fort Lauderdale. Earlier this month, it scored an $84 million loan to build a 44-story tower, less than a mile away from New River Yacht Club, along Federal Highway.
The city is also seeing a rush of activity from other high-profile developers. Just this month, apartment giant Aimco announced that it’s joining Kushner Companies to build four towers near the city’s Brightline station, which will require $700 million in debt and equity investments.
Related Group representatives did not respond to requests for comment. Li Bayan could not be reached for comment.
