May 22 2014

Sunrise development site trades for $15.4M

A multifamily development site in Sunrise changed hands for $15.4 million.

The West Palm Beach-based Richman Group of Florida picked up 6.9 acres at the intersection of Northwest 21st Street and 136th Avenue, according to Wednesday’s announcement released by brokerage ARA, which arranged the transaction. K-Group Holdings of Aventura sold the land to Richman. At more than $2.3 million per acre, the sale sets a new milestone for Sunrise land deals.

Richman plans to build the 417-unit Portico on the site, which is adjacent to the planned Metropica development and west of the Sawgrass Mills mall. Portico was previously approved by the City of Sunrise and Broward County.

Troy Ballard, senior vice president of ARA’s South Florida land division, served as lead advisor for K-Group. He was assisted by ARA principals Marc deBaptiste and Avery Klann. — Eric Kalis

Source.: http://therealdeal.com/miami/2014/05/22/sunrise-development-site-trades-for-15-4m

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