Philanthropist Jay Shidler Pays $108M for Another South Florida Rental

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Hawaii philanthropist Jay Shidler is doubling down on South Florida, buying a newly completed multifamily complex in Fort Lauderdale, Fla., for $108.3 million, property records show. 

The seller, Morgan Group, completed Riverland Apartment Homes last year. The six-building property contains 276 units across 6.3 acres. Located at 420 SW 27th Avenue, the rental community sits just west of I-95 and Fort Lauderdale’s Tri-Rail station. 

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Houston-based Morgan Group had purchased the then-vacant parcel for $10 million and nabbed a $37.6 million construction loan from Cadence Bank in 2020, just before COVD-19 took hold of the country, according to records.

This week’s sale equates to $392,000 per unit. The Hawaii-based buyer, Shidler Group, secured an $81 million loan from Webster Bank, per records. 

Representatives for the Shidler and Morgan Groups did not immediately respond to a request for comment. Berkardia‘s Roberto Pesant, Jaret Turkell, Omar Morales and  Jose Mota represented the buyer.

The Riverland purchase is likely part of Shidler’s philanthropist endeavor. 

In 2019, the Shidler Group began investing in markets experiencing a shortage of affordable units, of which South Florida is a prime candidate. “The land underlying these multifamily communities is often placed in irrevocable trusts, for the benefit of certain educational and social institutions,” the company’s website states.

In December 2021, Shidler Group dropped $153 million for another multifamily property in Boynton Beach. 

Across the I-95, Thomas Tomanek & Associates bought a newly built apartment in Flagler Village for $195 million last week.  

Julia Echikson can be reached at jechikson@commercialobserver.com.

Update: The article was amended to mention Berkadia’s involvement.