Related Cos. and Related Group Sell South Florida Multifamily Complex for $51M

A joint venture led by Stephen Ross’s Related Companies and Jorge Pérez’s Related Group sold an affordable housing complex in Broward County, Fla., for $50.5 million, property records show.

A partnership between Bend, Ore.-based nonprofit Foundation for Affordable Housing and Vancouver, Canada-based Spira Equity Partners purchased the 300-unit property. The 374,245-square-foot asset, called The Falls of Bonaventure, includes two five-story buildings at 201 Racquet Club Road, just south of Interstate 75 in Weston, Fla. The complex is 18 miles west of Downtown Fort Lauderdale.

The buyers nabbed $53.1 million in financing, including a two-year $28.6 million loan from Newmark, backed by Freddie Mac, as well as a $24.5 million loan from an entity tied to Spira.

The sellers — which include New Jersey-based low-income housing developer Roizman Development — purchased the 20-acre property for $9.8 million in 1993, three years after its completion.

Before becoming real estate behemoths, both New York-based Related Companies and Miami-based Related Group started as developers of affordable housing. Pérez partnered with Ross to launch Related Group in 1979, now Miami’s largest condominium developer. Related Companies is best known for having developed Hudson Yards in New York, the largest private development in the U.S.

In 2022, Ross divested his stake in Related Group. Two years later, the billionaire stepped back from Related Companies and launched Related Ross, a development firm focused on turning West Palm Beach into a business hub. 

Representatives in Related Companies, Related Group, Foundation for Affordable Housing and Spira Equity Partners did not immediately respond to requests for comment. A representative for Roizman Development could not be reached for comment.

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