Davie Acres Sell For $10 Million

Written by on 07.25.12 in Done Deals, Land - No comments

Lloyd Berger, Steve Hyatt and Pat Montalbano represented Forman Industrial Land in the $10 million sale of 15.5 acres in Davie.

The buyer was CRP-GREP, an affiliate of Greystar, which is based in Charleston, South Carolina. The deal closed June 26.

Greystar plans to build a 376-unit, garden-style apartment complex on the site off Davie Road and Interstate 595. Greystar is partnering with The Carlyle Group, an international equity fund, to build the project.

The trio worked on the deal since October, when Greystar signed the purchase contract. The closing was contingent upon the developer obtaining a site plan approval from the town of Davie. Greystar won approval about two months ago and intends to break ground within two months, Hyatt said.

Hyatt was showing Greystar a 136-unit apartment in Fort Myers when Greystar executives said they were also interested in sites to build in Broward County.

“I knew about the [Davie site] and talked to Lloyd who represented the owner,” Hyatt said. “So we were able to put them both together. Greystar loved the site from day one and signed a contract within two weeks.”

Greystar bought 15.5 acres out of nearly 39 acres Forman Industrial Land owns and was marketing, Berger said. The rest of the site, planned for a shopping center, is under contract. Berger and Hyatt declined to name the buyer.

Davie is one of the few South Florida municipalities with a significant amount of undeveloped land.

 

Source:  DBR

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