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Religious Group Pays $133M for Plantation Apartments
A real estate firm sponsored by the Church of Jesus Christ of Latter-day Saints (LDS) acquired the new Ellsworth apartment building in Plantation for $133 million.
A partnership between PGIM Real Estate and Stiles Corp. sold the 315 apartments at 1301 S.W. 80th Terrace to an investment arm of the Church of LDS.
The price equated to $422,222 per unit. The S. Florida Business Journal reports that it’s one of the highest valuations for a South Florida multifamily sale this year.
The Ellsworth totals 627,368 square feet on a 4.3-acre site. The developers purchased the property from a Jewish temple.
Units in the Ellsworth range from 801 to 1,359 square feet and rent from $2,640 to $4,234. Amenities include a fitness center, a tennis court, a pool, a spa, a racquetball court, and a dog park.
- ◦Sale/Acquisition
