BETHESDA, Md., December 28, 2021 /PRNewswire/ -- Walker
& Dunlop, Inc. announced today that it completed the
$226,500,000 sale of EON
Squared, a 476-unit, luxury, high-rise apartment complex
developed by Alta Developers. The property is located in the heart
of Flagler Village, one of
South Florida's most popular and
fastest growing submarkets, with abundant employment opportunities
and 9.7 million square feet of office space in nearby Downtown Fort Lauderdale.
Walker & Dunlop's property sales team included Still
Hunter, Greg Engler,
and Kaya Suarez. The team
represented the seller, Alta Developers, serving as broker and
advisor for the disposition. Said Mr. Hunter, "We were thrilled to
have played a part in the sale of this trophy asset to Union
Investment, for their first US Multifamily acquisition." He added,
"Alta Developers exceeded expectations on EON Squared with
first-rate amenities, condo-quality finishes, unobstructed views,
as well as an extraordinary lease-up velocity. Investors clearly
saw the value, given the ample local, national, and international
interest, with the ultimate buyer being one of Germany's oldest and most experienced fund
managers."
"We are extremely excited that we managed to secure our first
two U.S. multifamily assets in one shot. These two assets, known as
'EON Squared' are amongst the newest and highest quality assets in
the submarket. Additionally, the rental growth in Fort Lauderdale is just exploding, reached
almost 20 percent over the past year and is expected to remain well
above inflation for years to come. The two EON towers will
certainly continue to benefit from this upward trend," said
Tal Peri, Head of U.S. East Coast
and LatAm at Union Investment, based in New York City. Peri continued, "Flagler Village is a trendy submarket that
targets young professionals and offers proximity to Fort Lauderdale's downtown, the highly
desirable and popular Las Olas shopping, restaurant, and nightlife
corridor, as well as the beach."
"The vision behind EON Squared was to create an all-inclusive
getaway with the largest amenity spaces in the market. A community
that allows residents to live, work, and play," Raimundo Onetto, Chairman & CEO at Alta
Developers said. "Each component of the compound was strategically
created to complement the modern-day lifestyle."
EON Squared is ideally situated in the heart of East Fort Lauderdale's Flagler Village, putting residents within
steps of the area's hippest bars and restaurants, the burgeoning
art scene of FAT Village, and the Mass District. The property is
also within walking distance of the Fort Lauderdale Brightline
Station, offering high-speed rail access to South Florida and beyond. EON Squared includes
a 206-unit tower and an adjacent 270-unit tower completed in 2019
and 2021. Each building features unique programming, distinctive
interior finishes, and a complete amenity package, including two
sixth-floor pool decks, two fitness centers, co-working spaces, and
a wide array of other appealing indoor and outdoor lounge
areas.
Walker & Dunlop is a leader in multifamily property sales,
having completed $5.2 billion in
property sales volume in the third quarter of 2021 alone, up 373%
from the same period in 2020. The firm was also the top capital
provider to the U.S. multifamily market, originating $31 billion in transactions and lending over
$24 billion for multifamily
properties in 2020. Visit our website for information
about multifamily properties available for sale via Walker &
Dunlop's investment sales platform.
About Walker & Dunlop
Walker &
Dunlop (NYSE: WD) is the largest provider of capital to the
multifamily industry in the United
States and the fourth largest lender on all commercial real
estate including industrial, office, retail, and hospitality.
Walker & Dunlop enables real estate owners and operators to
bring their visions of communities — where Americans live, work,
shop and play — to life. The power of our people, premier brand,
and industry-leading technology make us more insightful and
valuable to our clients, providing an unmatched experience every
step of the way. With over 1,000 employees across every major
U.S. market, Walker & Dunlop has consistently been named
one of Fortune's Great Places to
Work® and is committed to making the
commercial real estate industry more inclusive and
diverse while creating meaningful social, environmental,
and economic change in our communities.
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SOURCE Walker & Dunlop, Inc.