AvalonBay buys Curv with Whole Foods in Fort Lauderdale

Left to Right: Casey Cummings, Managing Director, Ram Realty Advisors, and Timothy Naughton, Managing Director, AvalonBay Communities, outside 410 Southeast Court in Fort Lauderdale, Florida (Ram Realty Advisors, AvalonBay Communities, Apartment Finder)

AvalonBay Communities bought the Curv Building with Whole Foods for $ 150 million, marking another indicator of continued investor appetite for South Florida multi-family real estate.

Ram Realty Advisors sold the eight-story building at 410 Southeast 16th Court in Fort Lauderdale to the listed Arlington, Virginia-based real estate investment trust, according to real estate records.

The mixed-use building includes a ground floor rented to Whole Foods, a garage, a swimming pool and 243 apartments. It was built last year on 3.3 acres.

Ram Realty assembled the development site in 2018 for $ 18.5 million, according to records.

The deal breaks down at $ 617,284 per apartment.

AvalonBay, run by Timothy Naughton, builds, remodels, purchases and manages apartments across the United States, but also focuses on retail and mixed-use, according to its website.

In 2020, AvalonBay paid $ 19 million for a Winn-Dixie in South Miami, slated for apartment redevelopment with a grocery store.

Ram Realty, based in Palm Beach Gardens, run by Casey Cummings and Jim Stine, is an investor, renovator and manager of commercial real estate throughout the Southeastern United States, according to its website.

Ram is developing a 300-unit apartment project with a supermarket in Oakland Park, with a $ 56 million construction loan secured in March.

The Curv deal shows investor appetite is not waning as the South Florida multi-family market remains vibrant.

Unprecedented demand is fueling soaring rents and attracting the attention of investors.

In this year’s most expensive deal, Cortland bought a new seven-building apartment community in Boca Raton for $ 230 million in August.

About Ethel Nester

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