Stiles and PGIM Real Estate’s 315-unit Ellsworth apartment building in Plantation hit the market for roughly $150 million, The Real Deal has learned.
Fort Lauderdale-based Stiles and Newark, New Jersey-based PGIM want to sell the property, which is 93 percent leased, according to a source, who also confirmed the asking price.
Ellsworth offers one-bedroom to three-bedroom units, averaging 1,019 square feet, with monthly rents averaging $3,250, the source said.
The developers completed the eight-story building last year on 4.3 acres at 1301 Southwest 80th Terrace, records show. Stiles and PGIM bought the development site for $5.4 million and scored a $64.2 million construction loan in 2021. The Ellsworth is adjacent to Temple Kol Ami Emanu-El, which sold the development site.
Stiles is led by CEO Kenneth Stiles. PGIM Real Estate is led by co-CEOs Cathy Marcus and Raimondo Amabile. Both firms declined to comment.
Robert Given and Zachary Sackley lead the CBRE team marketing Ellsworth. Given declined comment, and Ballard didn’t return a request for comment.
Across South Florida, several commercial properties have hit the market since last summer. Despite a slowdown of investment sales and the expectation that higher interest rates would suppress prices, the listings aren’t discounted, as sellers bet in-migration to South Florida continues to make the tri-county region a coveted investment market.
This month, Aimco’s waterfront office tower and adjacent apartment tower in Miami’s Brickell hit the market for a combined $650 million. The 4.3-acre site is marketed as a redevelopment opportunity, allowing for multiple supertalls spanning a total of more than 3.1 million square feet.
Amid the post-pandemic South Florida real estate boom, Brickell became a magnet for new-to-market tenants. Aimco’s properties, the Brickell Bay Office Tower at 1001 Brickell Bay Drive, and the Yacht Club Apartments at 1111 Brickell Bay Drive, are one lot north of Ken Griffin’s planned Citadel and Citadel Securities headquarters tower site. The billionaire hedge funder scooped up the 2.5-acre lot in 2022 for $363 million.
Last summer, The Moinian Group’s 43-story, 434-unit Bezel apartment tower at 650 Northeast Second Avenue at Miami Worldcenter hit the market for roughly $300 million. Also at the time, BlackRock listed the six-story, 217-unit Worthing Place apartment building at 32 Southeast Second Avenue in Delray Beach for about $130 million.
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If Bezel and Worthing Place sell for their asking prices, the deals would break down to $691,244 per unit and $599,078 per unit, respectively. At Ellsworth’s asking price, a sale would break down to $476,190 per apartment.
South Florida’s multifamily market experienced an uptick in investment sales last spring and summer, with buyers primarily firms with discretionary funds capitalized with equity from institutional investors and family offices. Many of the buyers assumed loans from the sellers, or turned to insurance companies and Freddie Mac for more favorable financing terms.