Located at the nexus of Interstate 595, Interstate 75 and the Sawgrass Expressway, the brand new Alexan Solero features a mix of garden style units and townhomes with attached garages. The property obtained final certificate of occupancy in September 2010, and was just over 82% leased at the time of closing.

“This asset represents one of the best residential quality developments in over three years in Broward County and we believe it has great potential as I-595 expands and the local office market rebounds,” says Callum Parrott of Mill Creek Residential Trust LLC, the original developer. Given expects a 5% average rent growth rate in this area in the next three years, fueled by the burn-off of condo inventory, the lack of quality assets, lack of new supply, and recovering economy.

“Mostly what you’ve seen over the last three years is B class assets or fractured condominium assets trading,” Given says. “This is truly the first real class A, brand new apartment community trading as an apartment community that we’ve seen in a long time. This is a big vote of confidence by people that really study the market that South Florida is back on its feet.”

South Florida’s multifamily sector is heating up, seeing several transactions in the past month alone. The largest multifamily sale in three years closed in September. CB Richard Ellis Investors acquired The Resort at Pembroke Pines for $193.5 million. Other recent transactions include Behringer Harvard’s purchase of Parrot’s Landing Apartments in North Lauderdale, Equity Residential’s purchase of a 22-acre site from Huizenga Group zoned for 500 multifamily units near Sawgrass Mills, and Acumen Real Estate Advisors’ $28.5 million acquisition of Sunset Gardens in Kendall.