DANIA BEACH, FL – Cushman & Wakefield, as the exclusive agent, has arranged the sale of The Place at Dania Beach, a 144-unit, luxury, mid-rise multifamily community with 6,771 square feet of ground-floor retail in downtown Dania Beach. The buyer, a California-based real estate trust, acquired the Class A property for $38 million, or $263,889 per unit.
Vice Chairman Robert Given, Senior Managing Director Troy Ballard, Executive Managing Director Zachary Sackley and Senior Financial Analyst James Quinn, with Cushman & Wakefield’s Florida Multifamily Investment Sales Team, represented AHS Residential in the disposition. Based in Miami, AHS Residential has completed five multifamily development projects to date, located in each of the three south Florida counties, and has three additional projects underway.
The Place at Dania Beach was completed in 2017 and comprises a single seven-story residential building with ground-floor retail. Community amenities include a rooftop pool and amenity deck, a fitness center, storage units and attached structured parking. Residences average 890 square feet with an average market rent of $1,784 per unit.
The property moved through lease-up exceptionally fast and has maintained more than 97 percent occupancy. By comparison, the average occupancy rate for the market is 95 percent.
At 180 E. Dania Beach Blvd., just east of Federal Highway/U.S. 1, The Place at Dania Beach provides convenient access to major employers such as Chewy.com in the Design Center of the Americas (DCOTA), Fort Lauderdale International Airport, Port Everglades and downtown Fort Lauderdale. The location also boasts exceptional walkability with a walk score of 84.
“Downtown Dania Beach is emerging as one of South Florida’s hottest markets, with new retail developments, hotels and amenities bolstering strong demand for multifamily,” said Ballard. “The fact that this property moved through lease up so quickly and has maintained above average occupancy in a high-demand market bodes very well for its future success.”
AHS Residential President Ernesto Lopes added, “It has been a great experience working alongside Cushman & Wakefield throughout the sales process.”
Cushman & Wakefield’s Florida Multifamily Team is directed by Given and includes Ballard, Sackley and Quinn as well as Neal Victor, Calum Weaver and Errol Blumer in South Florida; Luis Elorza and Brad Capas in West Florida; Jay Ballard and Ken Delvillar in Central Florida; and Julie Bohn in Jacksonville. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance transactions for the team throughout Florida.
The AHS team includes Alex Ballina, Director of Asset Management, and Carlos E. Gonzalez, Jr., Chief Financial Officer.
About AHS Residential: AHS Residential (formerly AHS Development Group, LLC) is a Miami-based full service real estate investment company engaged in the development, construction, and management of new multifamily communities across South Florida. Founded in 2012, AHS Residential focuses on delivering quality, housing solutions for the expanding workforce demographic. As of September 30, 2018, AHS Residential owns and operates 8 communities totaling 1500 units in the State of Florida, including communities under construction.
About Cushman & Wakefield: Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter