Morgan Group pays $17M for Flagler Village development site

Houston, Texas-based Morgan Group closed on the land for its Flagler Village apartment project in Fort Lauderdale, with plans to break ground later this year. 

An affiliate of Morgan paid about $16.5 million for the 3-acre site between Northeast Third and Fourth avenues along Northeast Fourth Street. There, Morgan will build a seven-story, 350-unit apartment building, Evan Schlecker, Morgan Group’s regional vice president of development, told The Real Deal. The amenity-heavy project will also include commercial space and parking, Schlecker said.

MSA Architects and landscape architect Architectural Alliance are designing the development, according to plans filed with the city last year.

County records show Morgan financed the deal with an $8.6 million mortgage from JPMorgan Chase. Putnam Realty Ltd. and 411 Partners, companies managed by Ron W. Feldman, sold the 14 parcels to 400 NE Third Avenue LLC. Per square foot, the deal breaks down to about $126. The sellers assembled the properties between 1986 and 2012.

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Article: Morgan Group | Flagler Village Apartments | Fort Lauderdale (therealdeal.com)