Jenco Properties pays $68M for Flagler Village apartments

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September 3, 2020
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As reported in The Real Deal.

Apartment giant AMLI Residential sold a rental complex in Fort Lauderdale’s Flagler Village for $67.5 million.

Chicago-based AMLI sold the 218-unit development at 450 Northeast Fifth Street to two affiliates of Jenco Properties, a Hialeah-based property management firm, records show. The deal breaks down to $310,000 per unit.

The companies tied to Jenco, Sunrise Hamlet LLC and Continental Gardens LLC, closed on a $43.25 million loan from Berkadia to fund the purchase.

AMLI, which has owned and developed thousands of apartments in South Florida, paid $58.25 million for the property in 2011, records show. It was developed between 2009 and 2010.

Jenco renamed the property Aviah Flagler Village. Monthly asking rents range from $1,619 to $2,370 for a one-bedroom; $2,139 to $2,606 for a two-bedroom; and $2,784 to $3,166 for a three-bedroom, according to Apartments.com.

Amenities include a swimming pool; two-story fitness center; a yoga, spinning and aerobic studio; a private dog park; and courtyards with an outdoor pool table, fireplace, bar and grill.

In April, AMLI launched preleasing of its massive Midtown Miami project, a 719-unit complex at 3000 Northeast Second Avenue. In January, the company paid $35 million for a site in Wynwood, where the seller, David Edelstein, said AMLI plans to build a mixed-use project with 321 residential units and 45,000 square feet of retail.

Multifamily sales declined 50 percent during the first half of the year due to the pandemic, according to a recent mid-year report and forecast by Cushman & Wakefield. The majority of the $1 billion in multifamily sales that closed in South Florida were in Broward County. A total of 39 deals closed in Broward for a combined $443 million.

The sale to Jenco Properties, which was not included in the Cushman & Wakefield report, is one of the larger apartment deals to close this year. In March, the Related Group, Shoma Group and PGIM Real Estate Investors sold The Flats Apartments at CityPlace Doral for $100 million.