German conglomerate pays $227M for Fort Lauderdale apartments, marking its first US multifamily investment
Deal marks fifth biggest multifamily sale of 2021
Germany’s Union Investment has billions of dollars of assets globally, but when it came time to make its first U.S. multifamily play, it picked apartments in downtown Fort Lauderdale’s Flagler Village.
The Hamburg-based investment manager, through its real estate division, bought EON Squared for $226.5 million, according to the buyer’s release. The 12-story complex stretches a full block between Northeast Seventh and Sixth streets and east of Northeast Fifth Avenue.
Seller Alta Developers completed construction of the 206-unit South Towers at 421 Northeast Sixth Street in 2019, and finished the 270-unit North Towers at 444 Northeast Seventh Street this summer. The North and South Towers each have two buildings that share a podium.
The entire complex spans 3.7 acres, property records show.