The affordable rental housing community will be located at the northeast corner of McNab and US Highway 441. Cornerstone Group Holdings is developing the project on 17.04 acres of multifamily land it recently purchased from private investors from the local area.
The land was zoned industrial and used for a golf driving range and batting cage, but has been converted to multifamily use for the new development, according to Richard Levinson, a broker involved in the transaction. Levinson, senior associate with the Fort Lauderdale office of CB Richard Ellis Inc., represented Cornerstone Group Holdings Inc. in the land acquisition.
A recent report by Apartment Realty Advisors and the latest research by Carrollton, TX-based M/PF Research Inc. show Broward County is a preferred location for multifamily investors. Due to the area's decreasing amount of available land for multifamily development in central Broward County, existing projects and the few that will be added to the market are expected to perform well.
"I would think it's a great location for affordable housing and it surely will benefit from the limited supply of land in the market," Brad Capas, senior vice president of Boca Raton-based Apartment Realty Advisors, says of Cornerstone's plans. Apartment Realty Advisors sells and arranges capital solutions for apartment properties and produces reports on the status of the South Florida apartment markets.
"That's clearly in a built-out submarket," Capas tells GlobeSt.com about the Broward County location. "There certainly aren't a lot of available multifamily tracts of land in that area. I would think the property would do well.
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