$102 million multifamily project sold in Florida

Madison Capital Group negotiated the sale of NuRiver Landing, a 409-unit, 24-story mixed-use project with approximately 24,000 square feet of retail space in downtown Fort Lauderdale, Fla.

The value of the transaction was not disclosed.

The developer, American Land Ventures, began negotiations on the property, located on the south bank of the New River, in 2004, with joint-venture buyers The Carlyle Group and Noblehouse LLC.

NuRiver Landing is part of a 10-plus-acre urban development, which enjoys a 2.7-acre park, walking trail, water taxi stop and 1,200 feet of Riverwalk directly adjacent to the site. The Riverwalk is a "linear park," which features red brick sidewalks that wind along the banks of the scenic New River and adjoins 29 acres of public parks.

"This is an example of Madison's ability to work through various complex real estate issues, in this case to pre-sell an asset located on a ground lease during the project's early construction phase", said Timothy Martorella, managing director of Madison Capital Group.

American Land Ventures LLC is a Miami-based multifamily developer and owner, having developed more than 3,250 condominium, high-rise, mid-rise and garden apartments and units in Florida.

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