New Urban Communities, a Delray Beach, Florida-based residential developer, sold its 49-unit apartment building last week.
An affiliate of San Diego-based public real estate investment trust DiversyFund Growth REIT acquired the Azul apartments at 201 SW Joan Jefferson Way in Stuart, Florida, for $15.5 million, or about $316,000 per unit.
Azul is a three-story, 32,577-square-foot multifamily property near the Sunset Bay Marina, the city’s Riverwalk, numerous restaurants and entertainment destinations. Designed for New Urban by Martin Architectural Group, it is the first new rental community to be built in the historic downtown section of Stuart in over a decade.
The pet-friendly property offers a mix of one-, two- and three-bedroom units averaging 1,143 square feet, and features a tenant fitness center, club room, media center, walking trails, on-site management, game room, swimming pool and spa.
According to CoStar data, there have been just nine apartment sales over the past three years in the downtown Stuart submarket of Port St. Lucie. CoStar Market Analytics reports that the estimated average market price there has risen dramatically over that time period, and now stands at about $150,000 per unit.
New Urban and its affiliates are currently developing The Village at Wilton Manors townhomes, apartments and medical office space at the Centre at Abacoa in Jupiter and the Pompano Beach Fishing Village, in addition to a planned built-to-rent residential project in Stuart. The group typically partners with the public sector for many of its developments, which include sustainable urban infill and redevelopment communities located near employment nodes and public transportation.
For the Record
Stephen Nostrand and Alexis Shapiro with ONE Commercial Real Estate brokered the sale on behalf of the seller and procured the buyer in the deal.
Please see CoStar COMPS #5376729 for additional information on this transaction.