Zara Founder Buys New Fort Lauderdale Rental Tower for $165M

Zara’s billionaire founder, Amancio Ortega, has expanded his real estate portfolio to Downtown Fort Lauderdale, buying Related Group’s newly completed multifamily tower for $165 million, property records show.

Called Veneto Las Olas, the 46-story luxury tower houses 259 apartments at 201 South Federal Highway, a block north of Las Olas. The sale — one of South Florida’s largest multifamily acquisitions so far this year — equates to about $637,000 per unit.

In November, Related Group completed the 650,347-square-foot high-rise, where units rent for between $3,733 and $5,546 a month. In 2021, Bank of America provided a $84 million loan for the project, per records. 

The Miami-based developer put Veneto Las Olas on the market, seeking $230 million, The Real Deal reported in February. Ponte Gadea, Ortega’s family office, which specializes in U.S. real estate, purchased the asset.

Ortega, whose net worth is estimated at $126 billion, has long invested in Miami real estate. In 2015, the Spanish billionaire purchased a collection of retail buildings on Miami Beach’s Lincoln Road for $370 million. A year later, he purchased the Southeast Financial Center office tower in Downtown Miami for $517 million. 

More recently, in 2023, Ponte Garcia acquired a cold-storage facility in Hialeah for $113 million.

Representatives for Ponte Gadea could not be reached for comment. A spokesperson for Related Group did not immediately respond to a request for comment.

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