Boston-based Rockpoint has partnered with The Morgan Group and Humbold Real Estate Ventures to develop Caroline at Sunrise, a significant 452-unit residential community in Sunrise, Florida, a suburb of Fort Lauderdale. The joint venture has acquired the land for the project, with construction set to commence shortly. This development aims to meet the growing demand for community living in Florida’s vibrant markets.
Key Takeaways
- A joint venture involving Rockpoint, The Morgan Group, and Humbold Real Estate Ventures is developing Caroline at Sunrise.
- The community will feature 452 units, including apartments and townhomes.
- The project is strategically located in Sunrise, Florida, offering access to major metropolitan areas and coastal attractions.
- Financing includes a $111 million construction loan from PNC Bank.
Project Details
The Caroline at Sunrise development will comprise 412 apartments spread across eight four-story buildings and 40 townhomes in six three-story buildings. The first residences are anticipated to be available by late 2027. The community is designed to offer a comprehensive living experience with amenities such as a two-story clubhouse, a swimming pool, a modern fitness center with a yoga studio, an outdoor lounge area, and dedicated pet facilities including a spa and dog park.
Strategic Location and Market Demand
Dan Domb, managing member and COO at Rockpoint, highlighted the strategic importance of the Florida market, noting the strong demand for community-style living. Caroline at Sunrise is positioned to provide residents with convenient access to the metropolitan hubs of Fort Lauderdale and Miami, while also being in close proximity to the coast. The development site is situated near North Pine Island Road, approximately 15 miles from Fort Lauderdale-Hollywood International Airport and 18 miles from Dania Beach Pier.
The South Florida Business Journal reported the acquisition of the 21-acre site for $26.2 million, with PNC Bank providing a substantial $111 million construction loan. Humbold Real Estate Ventures currently owns the land. This project has been in development for over four years, with The Morgan Group securing city approval in 2023 after initially filing redevelopment plans in 2021.
Fort Lauderdale Multifamily Market Overview
Fort Lauderdale’s multifamily market is experiencing robust activity, with approximately 8,700 units currently under construction. A significant portion, around 80 percent, of this pipeline consists of luxury apartments, reflecting a growing trend among renters to opt for community living over homeownership. Notable projects in the area include the Andare Residences Design by Pininfarina, a 46-story luxury tower. Additionally, Continua Developments recently secured a $28 million construction loan for a 110-unit community in Fort Lauderdale’s Flagler Village neighborhood.