A joint venture between Texas-based Mill Creek Residential Trust LLC and New York-based JPMorgan Asset Management purchased the Port Royale Apartments at 3355 Port Royale Dr. S in Fort Lauderdale, FL from Chicago-based Equity Residential for $117.35 million, or approximately $159,000 per unit.
The apartment community is comprised of 41 buildings with a total of 737 units. It is located in the Fort Lauderdale submarket, stationed on 50 acres, and was built in 1988 and renovated in 2006. The new owner plans to redevelop the property into a high-rise complex.
Robert Given of CBRE represented the seller, and was the sole broker in the sale.
Please refer to CoStar COMPS #2641300 for additional information on this transaction.