Associated Group is able to promote a lately accomplished house tower in downtown Fort Lauderdale, asking 9 figures.
The Coconut Grove-based growth agency, led by Jorge Pérez and his sons Jon Paul and Nicholas Pérez, is itemizing Veneto Las Olas at 201 South Federal Freeway with an asking value of $230 million, stated CBRE’s Robert Given.
Given and his CBRE staff are advertising the 44-story high-rise with 239 flats and 368 parking areas. Veneto Las Olas, which opened in July, and close by 100 Las Olas, a mixed-use tower with flats, condos and resort rooms, share the title of tallest buildings in Fort Lauderdale.
Veneto Las Olas is 85 p.c leased, and the constructing will probably be absolutely stabilized inside the subsequent two months, Given stated.
“It’s had an unimaginable lease-up, averaging about 20-plus signings a month since July,” he stated. “It’s a reasonably distinctive constructing that’s hit a distinct segment market.”
Associated at all times deliberate to promote the property as soon as Veneto Las Olas was absolutely leased up, and the constructing represents a singular alternative for multifamily institutional buyers, Given stated.
“There’s a premium for such a product throughout the U.S. as a result of not quite a bit [of similar projects] have come to market,” Given stated. “We expect now is an efficient time to place Veneto Las Olas in the marketplace.”
Downtown Fort Lauderdale additionally hasn’t had any new rental developments since 2020, Given added.
Veneto Las Olas has a mixture of one-, two- and three-bedroom flats between 800 sq. ft to 1,600 sq. ft, in addition to some two-story townhomes on the higher flooring. Month-to-month rents for the flats begin at $5,516 a month, and the townhomes are renting for $13,820 a month to $16,799 a month, in keeping with advertising supplies.
The constructing is attracting tenants with a mean revenue of $567,000 and a mean age of 41 by providing luxurious options reminiscent of items with 10- to 12-foot ceilings, terraces with skyline and ocean views and high-end finishes, Given stated. Facilities embody a lounge and terrace with fireplace pits and a wellness heart with a sauna, steam room, lounge and zen backyard.
Veneto Las Olas can also be “on the bullseye of Las Olas Boulevard, the strongest excessive avenue in Broward County,” Given stated.
The placement might be extra vital than the standard,” he added. “They’re getting area of interest tenants who might purchase condos, however are selecting to reside on this constructing.”
