This Tower Could Be the Most Expensive Multifamily Property in Fort Lauderdale's History
Posted on 1/11/2017
Amaray Las Olas, a Fort Lauderdale apartment tower completed in 2016 by the Rockefeller Group and Stiles Corp., has been listed for sale in what could be one of the most expensive multifamily sales in the city's history.
Cushman & Wakefield's Robert Given, Zachary Sackley, Troy Ballard and Neal Victor were hired to sell the 254-unit tower at 215 S.E. 8th Street — near Fort Lauderdale's most pricy address for office rents. The 30-story tower opened in April 2016 and is 96 percent leased.
Its average market rent is $3,488, or $3.11 per square foot — among the highest in South Florida for a property not on the beach. By comparison, Apartmentlist.com recently listed the median rent of a two-bedroom apartment in Fort Lauderdale as $1,800.
In addition to having office buildings that houses some of South Florida's largest companies and professional services firms, Las Olas Boulevard is a popular shopping and dining destination.
"Amaray Las Olas represents the first urban high-rise to come to market in South Florida in over a decade, thus making it a generation acquisition opportunity," Given said. "Downtown Fort Lauderdale is on the cusp of a renaissance with development occurring in all asset classes, and Amaray Las Olas represents the finest apartment delivery to date."
The 285,329-square-foot building sits on 1.25 acres. Its average unit size is 1,123 square feet. The building's amenities include a rooftop pool deck with a hot tub and private cabanas, a pavilion with gas grills, a gym, saunas, massage treatment rooms, a clubroom with kitchen, a business center, a dog run and a dog wash.