Adam America and Stellar Communities Purchase 7.2 Acres for a 275 Unit Multifamily Development in Dania Beach, FL
AARE Sunbelt, an affiliate of Adam America Real Estate, a privately held real estate development and investment company with over 42 renovation and development projects launched since 2009, and Stellar Communities, a leading residential real estate development company in Florida with 3,000 homes delivered since 2009, today announced the acquisition of 7.2 acres of fully-entitled land at 4200 SW 54 Court in Dania Beach, Florida. The joint-venture partners plan to build a six-story multifamily development in close proximity to the newly built Seminole Hard Rock Hotel & Casino. The transaction marks the joint-venture partners second land acquisition planned for multifamily development in the heart of South Florida.
The six-story development will consist of 275 rental units and a parking garage with 450 spaces. Designed by CFE Architects, the development will boast lush greenery and water features along with exceptional amenities for residents, including a nature preserve with trails, parks, resort style pool, state-of-the-art fitness center, club room, coworking space, and covered parking for all vehicles including electrical charging stations. The development is designed to meet The National Green Building Standard® (NGBS) and will offer studio to three-bedroom units. The development is slated to be completed by the fourth quarter of 2024.
“We see an incredible opportunity to continue providing exceptional housing while minding our environment on this beautiful property surrounded by a tree preserve,” said Larry Baum, managing partner, Stellar Communities. “This is our third development in Dania Beach which boasts an excellent location with strong connectivity to Fort Lauderdale and Miami, and access to major employment and transportation centers, quality schools, and various amenities such as great restaurants and a new casino.”
Located only six miles from Fort Lauderdale International Airport and 23 miles from Downtown Miami, Dania Beach has quick connectivity to many employment centers. The Dania Beach/Hollywood submarket has recently seen an explosion of growth, and leading the way is the $800 million Dania Pointe mixed-use project. Dania Pointe will encompass more than 600,000 square feet of retail, restaurant, and entertainment space together with office space, apartment buildings, and hotels.
“We are thrilled to partner with Stellar Communities to enter Dania Beach with this amenity-rich development that will provide residents with outstanding access to some of the absolute best shopping, dining and entertainment venues in the area,” said Omri Sachs, co-founder of Adam America Real Estate. “Our joint-venture partnership with Stellar Communities will allow us to further expand our multifamily development and investment platform in South Florida.”
Most recently, the joint-venture partners purchased a 1.1 acre of land at 18801 W Dixie Highway in Aventura for a planned multifamily development. The 15-story multifamily development will consist of 245 units offering studio-to-four-bedroom residences and seeks to assist the severely undersupplied apartment market in Aventura. The development is located only a few blocks away from the to-be-built Brightline Station. The partners are also jointly developing several build-to-rent projects across Florida, including 158 homes in Port St. Lucie and 133 townhomes in St. Cloud.
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