New Owner for Fort Lauderdale’s First Super-Luxury Building
Joint venture of Rockefeller Group and Stiles sold Amaray Las Olas, a 254-unit development near downtown
Written by: Laura Kusisto
Source: The Wall Street Journal
Developers have sold a 30-story luxury apartment building in Fort Lauderdale, Fla., in a sign that investor appetite for high-end rental product remains strong even as rents cool.
A joint venture of the Rockefeller Group and Stiles Corp. has sold Amaray Las Olas, a 254-unit development that opened in 2016. The project helped introduce the concept of apartment buildings offering ultra luxury conveniences such as full-service dog washing and a massage room. It set a new standard by fetching rents of around $3 a square foot, in line with similar properties in downtown Miami.