Rockefeller Group and Stiles Sell Amaray Las Olas
Posted on 6/6/2017Rockefeller Group and Stiles Sell Luxury Apartment Tower Amaray Las Olas in Downtown Fort Lauderdale
**Joint venture of Rockefeller Group and Stiles sells premier residential tower
A joint venture of Rockefeller Group and Stiles has sold Amaray Las Olas, a new 30-story luxury apartment tower in downtown Fort Lauderdale.
Rockefeller Group and Stiles completed the new development in 2016, after which the building achieved full occupancy in record time for Fort Lauderdale. Amaray is located at 215 SE 8th Ave., one block from the highly-coveted Las Olas Boulevard, Fort Lauderdale's premier downtown dining and shopping corridor. The 254-unit development is comprised of studios, one, two and three-bedroom apartments with protected city and ocean views.
Amaray was the first joint-venture project of real estate industry leaders Rockefeller Group and Stiles. Rockefeller Group is one of the most widely recognized names in real estate, known for pioneering large-scale urban development. Over the past several years, the company has selectively grown its residential development portfolio in major markets, completing more than 1,000 luxury condominium and rental units in New York City, Florida, Arizona and New Jersey. Stiles has developed more than 43 million square feet of award-winning projects throughout its 66-year history, including more than four million square feet of residential, office and mixed-use projects in the Las Olas corridor — playing a major role in revitalizing Fort Lauderdale's downtown.
"Amaray Las Olas set a new benchmark for the market, as evidenced by the speed of the leasing program, which we attribute to its spectacular location, authentic and singular design and its luxury lifestyle amenities," said John Petricola, senior vice president and regional development officer of Rockefeller Group. "This is the new defining landmark on Fort Lauderdale's skyline and we expect that it will continue to be a strong success far into the future."
Every unit at Amaray features balconies and interior finishes of the highest quality natural materials. Residents also enjoy abundant lifestyle amenities such as an elevated pool surrounded by private cabanas, an entertainment pavilion and expansive deck, along with a state-of-the-art fitness center, saunas and massage/treatment room, clubroom, beverage lounge, conference and business center, bike storage, outdoor lanai with fire pit, dog spa and park.
"Stiles and Rockefeller Group shared a vision to transform an incredibly located parcel of land with irreplaceable views into a property that sets new standards for ultra-luxury apartment home living in downtown Fort Lauderdale," said Jeff McDonough, president of Stiles Residential Group. "To have accomplished that vision as evidenced by the project's overwhelming market acceptance and to witness the creation of a community within the building with the help of the Greystar management team is truly gratifying to both of our teams; it is a highlight in our collective multifamily development portfolios."
Cushman & Wakefield's Robert Given, Zach Sackley, Troy Ballard and Neal Victor represented the seller in the transaction. Cushman & Wakefield's Robert Kaplan, Chris Lentz and Mark Rutherford placed the debt for the buyer.
"Truly core high-rise acquisition opportunities are rare in Florida," said Mr. Given. "The last time an asset of this quality and location was available in Florida was during the condo-conversion era of 2004-07, and of course, we sold them all to converters. Prior to that, it was a Stiles development named Sunrise Harbor located in Fort Lauderdale in 2002, and it hasn't traded since. These are timeless assets."