A joint venture of CP Capital, a highly disciplined U.S. real estate manager specializing in multifamily investments, and Trammell Crow Residential (TCR), a premier multifamily real estate company with nearly 40 years of experience in residential development and asset management, announced it has sold Alexan 335—a 248-unit multifamily development in Plantation, Florida, a submarket of Fort Lauderdale.
The buyer and purchase price were not disclosed.
Located on the west side of U.S. Route 441, Alexan 335 is visible by 47,000 vehicles per day. The development provides easy access to several grocery-anchored shopping centers and the Sawgrass Mills Mall, which is the 11th largest mall in the U.S., and second largest in Florida.
The project was delivered in April 2021 and stabilized in November 2021. The property generated nearly 35 leases per month while rents grew over 25 percent throughout the lease-up.
“We are thrilled to complete the sale of this project in the greater Fort Lauderdale market, which has been experiencing considerable economic and population growth in recent years, generating a noteworthy demand for high-quality rental housing,” said Paul Doocy, Co-Head of CP Capital. “The success of this project hinged on our shared vision with Trammell Crow Residential to bring high-quality apartment homes to the Plantation area. We look forward to continuing this partnership in the future and to generating significant returns for our investors and the communities in which we operate.”
Alexan 335 features Class A unit interior finishes including stainless steel appliances, solid-surface countertops, and vinyl wood flooring. Residents at the garden-style property also have access to community amenities including a fitness center, game room, business center, dog spa, a resort-style swimming pool, and surface parking spots.
The project is just two miles west of Interstate 95, four miles west of downtown Fort Lauderdale, and nine miles northwest of the Fort Lauderdale-Hollywood International Airport. Richard Branson’s Virgin Voyages cruise line opened its headquarters in Plantation, part of its $16 million commitment to the city and a testament to the area’s continuous growth.
CP Capital, formerly known as HQ Capital Real Estate, has previously partnered with Trammell Crow Residential on over 30 projects, and most recently on Alexan Kendry, a 211-unit multifamily development in Montclair, California.