LeFrak Snaps up $180M Fort Lauderdale Luxury Tower
A newly delivered Fort Lauderdale multifamily tower just traded for $180M. LeFrak acquired Harbour at New River, a 337-unit luxury apartment community completed in 2024 along the New River in Downtown Fort Lauderdale. Rising 36 stories above the waterfront, the property offers oversized floor plans, resort-style amenities, and direct access to one of South Florida’s fastest-growing urban cores. The seller was a joint venture between Related Group and Rabina Properties, which partnered to develop and deliver the tower. The project adds to Related’s long track record of luxury multifamily development across South Florida and marks another successful execution for the partnership. The buyer, LeFrak, is one of New York City's largest privately held real estate owners and developers. Led by Richard LeFrak and Vice Chairman James LeFrak, the family-owned firm controls a multibillion-dollar portfolio spanning residential, office, industrial, hospitality, and infrastructure assets. The acquisition further expands LeFrak’s growing presence in Florida as major Northeast investors continue increasing exposure to the region. The transaction was brokered by Hampton Beebe and Avery Klann of Newmark, two of the Southeast’s leading institutional multifamily investment sales advisors. Deal Snapshot: • Sale Price: $180M • Units: 337 • Year Built: 2024 • Price Per Unit: $534,125 • Price Per SF: $490 • Cap Rate: 5.0% • Average Unit Size: 1,090 SF • Average Rent: ~$3,900/month • Average Rent PSF: $3.58 The deal underscores a broader trend shaping South Florida real estate: some of the country’s largest owners continue deploying capital into newly delivered multifamily assets. For LeFrak, one of New York City’s most prominent real estate families, the acquisition reflects continued conviction in the long-term growth of both Fort Lauderdale and the broader South Florida market.
Largest Units, Lowest Rent: Hollywood East Upside
Just Listed: Hollywood East is a 247-unit, core-plus, 15-story multifamily building built in 2021, fronting Hollywood Blvd—walking distance from Arts Park at Young Circle. *The property offers the largest average unit size (1,049 SF) in the Hollywood market* at the...
Institutional Capital Fuels $151.4M Miami Multifamily Deal
A newly delivered Miami multifamily community just traded for $151.4M. RPM Living and Cantor Fitzgerald Asset Management acquired Biscayne Shores, a 380-unit waterfront apartment community completed in 2024 along Biscayne Boulevard in North Miami. The property sits between Aventura and Downtown...
Coconut Grove Condo Flips 2.6× in One Year
A 1963 Coconut Grove condo building just became a $45.5M development play. El-Ad Group acquired the former Chateau Grove Condominium site at 3265 Virginia Street — a nearly 1-acre property made up of 25 residential units in the heart of Coconut...
Building Lasting South Florida Neighborhoods Since Age 23
my conversation with David Martin, CEO of Terra on building one of South Florida’s most influential real estate development firms, launching Terra at 23 years old, & the philosophy behind creating neighborhoods that last TIMESTAMPS: 0:00 - Intro 1:56 - From Selling a...
Miami's New Bridge Reunites Divided Neighborhoods After 60 Years
Miami is fixing something that's been broken for 60 years. When the 395 was created, 800 columns physically severed Overtown from its neighboring communities. With the new Signature Bridge needing less than 200 columns, the underdeck will physically connect Edgewater, the A&E...
Private Credit Boom Delays Maturity Wall, Now Cracks Appear
What my post from December 2023 overlooked was the massive expansion in private credit. Private credit stepped in aggressively to fill financing gaps, refinance maturities, and provide bridge capital, delaying the "wall of maturities" many buyers were eager to capitalize on. Now...
Rare 240‑Unit West Palm Beach Deal Under $300K/Unit
Offers Due March 4: Rare, (240-unit) Surface-Parked Multifamily Offering, 7min from Downtown West Palm Beach - Asking less than $300k/door (built in 2019) with a 3.91% Fixed Rate Assumable Loan