Lurra Funds acquired the Queue Apartments in downtown Fort Lauderdale for $59 million, marking the Swiss firm’s continued guess on South Florida’s multifamily market, The Genuine Offer has uncovered.
Zurich-dependent Lurra, via its Authentic Lurra serious estate arm, purchased the seven-tale, 192-unit constructing at 817 Southeast 2nd Avenue, according to a Lurra information release. The offer breaks down to $307,292 for each condominium.
The vendor, Miami Beach-dependent Boardwalk Attributes, had compensated $53 million for the developing in 2018, having out a $34.5 million personal loan for the residence from Houston-based mostly American General Life Insurance policies Firm, data display.
Calum Weaver of CBRE represented Boardwalk in the sale to Lurra. Boardwalk is led by Adam Walker and the Gober Relatives Believe in.
Lurra assumed $33.2 million in exceptional financial debt with a preset 4 percent curiosity price, representing a 56 per cent bank loan-to-benefit ratio, enterprise founder Tyron Birkmeir informed TRD. Finished in 2017 on 1.6 acres, Queue spans 297,000 sq. feet and is made up of studios and a single- to a few-bed room flats, documents and the building’s site display. Regular rents assortment from $2,300 to $3,075, according to Residences.com.
Queue is virtually fully leased, Birkmeir explained.
The deal marks Lurra’s most important South Florida authentic estate invest in to date. It is also the remaining expense by Serious Lurra Multifamily II Fund, which concentrated on rentals in the tri-county location.
This thirty day period, Lurra will launch Serious Lurra US Residence Fund III, which seeks to raise $350 million to $500 million and spend throughout authentic estate asset courses nationwide with a emphasis on multifamily and Florida, in accordance to the launch and Birkmeir.
Started in 2017, Lurra is an invitation-only trader that oversees $6 billion in assets, the launch claims. It also has places of work in Miami, London and Luxembourg.
In South Florida, Lurra paid out $6.4 million in 2021 for the two-building, 24-device The Shenandoah flats at 2162 Southwest 14th Terrace in Miami. In 2022, the business bought the 100-unit Blume Coral Gables sophisticated at 1501 Southwest 37th Avenue in Miami for $42.5 million.
It’s not the only Swiss company investing in South Florida. Empira Group, centered in Zug, produced its debut in the tri-county area in 2022 with the $9 million acquire of a multifamily progress web-site at 3025 and 3051 Southwest Third Avenue in Miami’s The Roads community. Final year, Empira, in partnership with Grand Peaks Qualities, paid out $21.5 million for the website at 901 Southwest 3rd Avenue and 244 Southwest Ninth Street in Brickell, with options for a multifamily venture led by Empira.
Downtown Fort Lauderdale is encountering an uptick in financial commitment and development. Hines and Urban Road Improvement started off development final month of the Fat Village master-prepared task of 3 structures with 850 multifamily models, combined, as effectively as just about 180,000 square toes of workplaces and 80,000 sq. feet for foods and beverage vendors. The undertaking, at 545 North Andrews Avenue and 501 Northwest To start with Avenue, has the same title as the FATVillage (foods, art and technological know-how or Flagler, arts and technology) district in which it will rise.
Also, New York-primarily based Naftali Team needs to construct a 936-unit venture with 47-tale and 45-story towers at 201 North Federal Highway. Infinity Real Estate and Bachow Ventures program a mixed-use tower with 316 apartments and 5,000 sq. ft of retail in an up to 37-story tower at 11 North Andrews Avenue.
