Flagler Village Apartment Trades for $226.5M to German Buyer
The 476-unit, twin towers are located close to Downtown Fort Lauderdale.
Alta Developers has sold EON Squared, a high-rise apartment complex located in South Florida’s Flagler Village for $226.5 million. Walker & Dunlop’s Still Hunter, Greg Engler and Kaya Suarez represented the seller in the transaction. The buyer is Union Investment, one of Germany’s oldest and most experienced fund managers and this is its first US multifamily acquisition, according to Hunter.
A 476-unit, two-tower luxury property, EON Squared is located near Downtown Fort Lauderdale. The 206-unit tower and an adjacent 270-unit tower were completed in 2019 and 2021.
The rental growth in Fort Lauderdale is just exploding, having reached almost 20% over the past year and is expected to remain well above inflation for years to come, according to Tal Peri, head of US East Coast and LatAm at Union Investment, based in New York City. “The two EON towers will certainly continue to benefit from this upward trend,” Peri continued in prepared remarks. “Flagler Village is a trendy submarket that targets young professionals and offers proximity to Fort Lauderdale’s downtown, the highly desirable and popular Las Olas shopping, restaurant, and nightlife corridor, as well as the beach.”
The property is also within walking distance of the Fort Lauderdale Brightline Station.