The multifamily asset involved in this transaction is the Veneto Las Olas tower, located at 201 Southeast 6th Highway in Fort Lauderdale. This newly built 46-story luxury building comprises 259 units and has a total square footage of 650,347. The sale was completed for $165,000,000, translating to approximately $637,066 per unit and a price per square foot of $254.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $165,000,000
• Buyer: Amancio Ortega - Ponte Gadea
• Seller: Jorge Pérez, Jon Paul Pérez & Nick Pérez - Related Group
• Units: 259
• Square Footage: 650,347
• Price per Unit: $637,066
• Price per Square Foot: $254

This transaction showcases billionaire Amancio Ortega's Ponte Gadea acquiring one of South Florida’s major multifamily developments from Related Group, following its completion in late 2023. The involvement of notable figures such as Jorge Pérez and his family in the sale underscores the significant market presence they hold in the real estate sector.