Church Buys New Plantation Rental from PGIM-led JV for $133M

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The investment arm of the Church of Jesus Christ of Latter-day Saints paid $133 million for a newly completed rental building in Plantation, Fla., property records show.

Called The Ellsworth, the eight-story building is home to 315 units at 1301 and 1303 Southwest 80th Terrace near the intersection of the Interstate 595 Expressway and South University Drive. 

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The sellers, PGIM Real Estate and Fort Lauderdale-based Stiles Corporation, completed the 627,368-square-foot property this year. The joint venture secured a $64.2 million construction loan from Wells Fargo in 2021, the same year it purchased the 4.3-acre site.

The deal marks the second South Florida purchase in seven months for Property Reserve, the church’s investment arm. In December, the Salt Lake City-based investor bought an industrial park in Hialeah for $174 million.

After a lull in the beginning of the year, South Florida multifamily sales have picked up in recent weeks. This week, Brookfield Properties bought a 107-unit property near West Palm Beach for $108 million.

In the largest multifamily transactions so far this year, Pantzer Properties and Ares Management each paid about $139 million for properties in Doral and Boca Raton. Both deals closed in the past month and a half. 

A representative for Property Reserves declined to comment, while a spokesperson for  Stiles Corporation did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com