Miami-based developer Pinnacle has sold Elyps, a 140-unit luxury apartment community in Fort Lauderdale, for $46.5 million. The buyer was an affiliate of local investor Rental Asset Management. CBRE represented Pinnacle in the transaction.

Completed in July 2023, residents enjoy covered garage parking with electric vehicle charging stations, a sunset lounge with a wet bar and coffee station, a pool with barbecue and lounge areas, a fully equipped fitness studio, and convenient bike storage with a repair area.

The proceeds from these sales will be reinvested into new multifamily projects across Florida – from market-rate communities to workforce and affordable housing.

The property is situated near downtown Fort Lauderdale and major highways, including I-95, I-595, and State Road 84. The property sits in a growing submarket with limited new multifamily supply and strong renter demand driven by population growth and in-migration.