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Development Entity Acquires Parcel for $25M

FORT LAUDERDALE, FL-Trammell Crow leads plans to build 481 apartments on nearly 44 acres.

By Crystal Proenza | Updated on June 17, 2008

(Crystal Proenza is associate editor of Real EstateFlorida.)

PLANTATION, FL-A local residential parcel totaling 43.7 acres has been acquired by a development entity led by Atlanta-based Trammell Crow Residential and an undisclosed institutional partner advised by JP Morgan Asset Management. The buyer paid $25 million for the land at the northeast quadrant of Interstate 595 and NW 136th Avenue in Broward County.

Colorado-based Affordable Residential Communities decided to sell the property, which previously operated as a mobile home park, after it was damaged by Hurricane Wilma in 2005, says Brad Capas, a multifamily specialist with Cushman & Wakefield of Florida. The site is across the street from a new Ikea furniture store and a few blocks from the Sawgrass Mills retail complex.

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