Stewards Sets Up $240M Deal for Two South Florida Multifamily Properties

Fort Lauderdale-based Stewards has signed letters of intent to acquire two apartment properties in Broward County, Fla., in a stock transaction valued at $240 million.

The Nasdaq-listed financial and real estate company will acquire the 330-unit Pixl apartments in Plantation, and the 214-unit Envy apartments in Pompano Beach. Under the proposed structure, Stewards would acquire the equity interests in the entities that own the properties, and issue the sellers new stock at $3 per share.

According to Stewards, the $240 million figure represents the properties’ aggregate implied value, including existing property-level debt, rather than the value of stock Stewards will issue for the deal.

“This is an important next step in the execution of our broader Stewards strategy,” CEO and President Shaun Quin said in a statement, adding that the two properties would expand the company’s real assets platform as it builds across private credit, real estate and technology. 

Invesca Development Group developed both projects. Pixl at 4300 Northwest Ninth Court was completed in 2025, while Envy opened at 425 East Atlantic Boulevard in 2021. 

“Real assets have become an increasingly important part of what we are building at Stewards,” Chairman Glen Steward said.

The deal comes days after Stewards uplisted to the Nasdaq Capital Market, where its shares began trading on Sept. 10.

In 2025, when the firm operated as Favo Capital, it acquired the 1818 Park mixed-use building in Hollywood, Fla., in an all-stock deal valued at $190 million. Stewards refinanced that property in June with a $69 million senior mortgage and a $10 million mezzanine loan.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.