Related Group is ready to sell a recently completed apartment tower in downtown Fort Lauderdale, asking nine figures.
The Coconut Grove-based development firm, led by Jorge Pérez and his sons Jon Paul and Nicholas Pérez, is listing Veneto Las Olas at 201 South Federal Highway with an asking price of $230 million, said CBRE’s Robert Given.
Given and his CBRE team are marketing the 44-story high-rise with 259 apartments and 368 parking spaces. Veneto Las Olas, which opened in July, and nearby 100 Las Olas, a mixed-use tower with apartments, condos and hotel rooms, share the title of tallest buildings in Fort Lauderdale.
Veneto Las Olas is 85 percent leased, and the building will be fully stabilized within the next two months, Given said.
“It’s had an incredible lease-up, averaging about 20-plus signings a month since July,” he said. “It’s a pretty unique building that’s hit a niche market.”
Related always planned to sell the property once Veneto Las Olas was fully leased up, and the building represents a unique opportunity for multifamily institutional investors, Given said.
“There’s a premium for this type of product across the U.S. because not a lot [of similar projects] have come to market,” Given said. “We think now is a good time to put Veneto Las Olas on the market.”
Downtown Fort Lauderdale also hasn’t had any new condo developments since 2020, Given added.
Veneto Las Olas has a mix of one-, two- and three-bedroom apartments between 800 square feet to 1,600 square feet, as well as some two-story townhomes on the upper floors. Monthly rents for the apartments start at $5,516 a month, and the townhomes are renting for $13,820 a month to $16,799 a month, according to marketing materials.
The building is attracting tenants with an average income of $567,000 and an average age of 41 by offering luxury features such as units with 10- to 12-foot ceilings, terraces with skyline and ocean views and high-end finishes, Given said. Amenities include a lounge and terrace with fire pits and a wellness center with a sauna, steam room, lounge and zen garden.
Veneto Las Olas is also “on the bullseye of Las Olas Boulevard, the strongest high street in Broward County,” Given said.
The location is probably more important than the quality,” he added. “They are getting niche tenants who could buy condos, but are choosing to live in this building.”