Federal Capital Partners Acquires 400-Unit Arium Sunrise Apartments In Sunrise For $90M

The property involved in this transaction is a multifamily asset located at 1501 Northwest 124th Terrace in Sunrise, comprising 22.2 acres. The buyer, Esko I. Korhonen & Lacy I. Rice, acquired the property for $90,000,000, which translates to $225,000 per unit for the 400 units within the complex. The total square footage of the property is 486,920, resulting in a price per square foot of $185.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $90,000,000
• Buyer: Esko I. Korhonen & Lacy I. Rice - Federal Capital Partners
• Seller: William R. Lindsay, Donald Kuemmeler & Aaron Giovara - Pacific Coast Capital Partners (PCCP); Adam Portnoy - RMR Group
• Lender: Wells Fargo
• Units: 400
• Acres: 22.2
• SF: 486,920
• PPU: $225,000
• PPSF: $185

This transaction saw Federal Capital Partners secure the Arium Sunrise apartments, a notable property near Sawgrass Mills, from a partnership consisting of Pacific Coast Capital Partners and RMR Group. For this acquisition, Wells Fargo facilitated a loan amounting to $74,000,000, which underscores the financial arrangements involved in this significant real estate deal.