246-Unit Mixed-Use Tower Trades Hands

FORT LAUDERDALE, FL-BridgeSide Place, a new 246-unit, luxury, mixed-use high-rise in the city, has been sold for an estimated nearly $18 million. An entity headed by Jim Ellis and Luke Crosland that specializes in luxury residential properties purchased the property. The Broward County property appraiser’s office shows the ownership entity as Knickerbocker Properties Inc. XXXIV. ING Clarion was the seller.

The sale price was confidential, according to an Apartment Realty Advisors spokesperson. However, the Fort Lauderdale submarket showed pricing at $73,000 per unit in 2003, up 8% since 2002, according to a recent report by Encino, CA-based Marcus & Millichap Real Estate Investment Brokerage Co. Based on this, the sale price comes to just less than $18 million. BridgeSide Place was completed in 2001 and is among the county’s newest high-rise developments.

The Broward County property consists of a 15-story upscale residential and commercial building, along with a five-level parking garage. The commercial space consists of 12,210 sf of retail space on the ground level and 29,226 sf of offices on the second and third stories. The apartments have one, two and three bedrooms. The building is located at 3020 N.E. 32nd Ave. and offers views of the Atlantic Ocean, the Intracoastal Waterway and Downtown.