Native Realty Closes Sale of Future Multifamily Development Site in Just Three Weeks

Native Realty, the pioneering Fort Lauderdale-based real estate firm led by Jaime Sturgis, completed another creative transaction in the city’s Flagler Village neighborhood. Sturgis and Native Associate Sara Dorfman closed the property sale on behalf of the seller after just 21 days on the market.

At $754 per building square foot and $126 per land square foot, the sale was a tremendous outcome for Native’s client. The total sale price for the 500 NE First Ave. property was $800,000.

One of Fort Lauderdale’s original homes, built in 1935, is currently located on the property. The buyers plan to develop a boutique apartment building on a portion of the site. Dorsky Yue International Architecture, the architect of the planned 500 Art Lofts development in downtown Fort Lauderdale, has been engaged to design the project.

“Closing a deal like this in just three weeks requires extraordinary local market knowledge and relationships,” Sturgis said. “The price per square foot is about as high as you will see in Flagler Village. We successfully communicated the unique appeal, character and development potential of the property to achieve this pricing.”

From big-ticket commercial real estate investment sales to complex land assemblage transactions and thoughtful leasing campaigns that elevate entire neighborhoods, Native Realty is the preeminent real estate brokerage in South Florida. Native fuses local market knowledge with institutional discipline and experience to generate superior results for real estate investors, developers and operators of all sizes.

Read more about this transaction in CRE-Sources.