Church Buys New Plantation Rental from PGIM-led JV for $133M
By Julia Echikson July 1, 2024 6:35 pm
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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.
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.
