The LeFrak Organization has purchased the Harbour at New River Apartments in Fort Lauderdale for $180 million. The deal, involving a 337-unit, 36-story tower, was finalized with The Related Group and Rabina Properties. This acquisition marks a significant investment for LeFrak in the South Florida market, with a condition in the sale prohibiting the conversion of the building into condominiums until 2033.
Key Takeaways
- LeFrak Organization acquired Harbour at New River Apartments for $180 million.
- The 337-unit tower was sold by The Related Group and Rabina Properties.
- A restriction prevents condo conversion until 2033.
- The deal was financed with a $100 million loan from Northwestern Mutual.
Property Details and Financing
The Harbour at New River Apartments, located at 401 SW First Ave., is a 36-story building comprising 337 units. The apartments range from studios to three-bedroom layouts, with sizes spanning from 650 to 1,790 square feet. Monthly rents for available units start around $2,940. The acquisition was partially financed by a $100 million loan from Northwestern Mutual, with a maturity date set for 2036.
Seller and Buyer Backgrounds
The seller, The Related Group, led by Jorge Perez, is a prominent condo developer in South Florida. They, along with Rabina Properties, delivered the Harbour at New River in 2024. The buyer, The LeFrak Organization, headed by billionaire Richard LeFrak, is a well-established real estate dynasty known for developing, owning, and managing large-scale properties, including LeFrak City in Queens and the SoLé Mia development in North Miami.
South Florida Multifamily Market Context
Despite a persistent oversupply of apartments in South Florida, evidenced by significant unit deliveries in recent years, the market continues to see substantial transactions. While lease-ups have slowed and concessions have increased, demand for rentals is expected to remain strong, driven by migration patterns and the region’s business-friendly environment. This acquisition by LeFrak underscores continued investor confidence in the long-term prospects of the South Florida rental market.
Sources
- LeFrak Buys Fort Lauderdale Apartments For $180M: The South Florida Deal Sheet (May 4, 2026), Bisnow.
- Pérez Family’s Related Sells Apartment Tower to LeFrak, The Real Deal.