A local residential parcel totaling 43.7 acres has been acquired by a development entity led by Atlanta-based Trammell Crow Residential and an undisclosed institutional partner. The buyer paid $25 million for the land at the northeast quadrant of Interstate 595 and NW 136th Avenue in Broward County.
Colorado-based Affordable Residential Communities was the seller of the property, which previously operated as a mobile home park. The site is across the street from a new Ikea furniture store and a few blocks from the Sawgrass Mills retail complex.
Trammell Crow plans to develop a 481-unit rental community called Alexan Plantation on the site that will consist of garden apartments and townhouses. The price paid for the parcel equates to $581,395 per acre or $51,975 per proposed unit. This is yet another indicator that the SE Florida multifamily rental housing market remains vibrant and strong (particularly in the high density tri-counties of Dade, Broward and Palm Beach).
Miami Commercial Real Estate Blog 
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