(Read more on the multifamily market.)
[IMGCAP(1)]FORT LAUDERDALE, FL-Dallas-based Behringer Harvard has made an investment in Satori, a four-building, 279-unit residential complex at 1111 E. Sunrise Blvd.
When Boca Raton-based Altman Cos. first announced plans for the project in 2006, it was slated to be a condominium development. The project, which began site work within the last few weeks, is now slated to become an apartment complex.
Behringer Harvard senior vice president-real estate Mark Alfieri tells GlobeSt.com that the company is an equity investor in the project, with plans to own the property long-term after it is developed. The amount of the investment or project cost was not disclosed. It is the company's first investment in Fort Lauderdale.
"We have a keen interest in Broward County," Alfieri says. "With what's been happening in the condo market, the multifamily market is very strong."
[IMGCAP(2)]Plans for the project, expected to be completed in 2010, include approximately 13,000 sf of retail space fronting Sunrise Boulevard between Northeast 11th and Northeast 12th avenues. The three- to nine-story buildings will have 525 parking spaces. The project will also include an 8,000-sf clubhouse, pool and recreation deck and elevated bridges from the residences to the central parking garage. Units will feature granite countertops, stainless steel appliances, private entrances to many garden-level units and hurricane-resistant features.
The project will be located approximately one mile north of Downtown Fort Lauderdale and the Las Olas Riverfront areas. It is in close proximity to the Galleria Mall, Fort Lauderdale beaches and the Intracoastal Waterway. The site is also adjacent to the 91-acre Holiday Park.
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