Pinnacle's Elyps Apartments Near Fort Lauderdale Waterfront Attracts $50 Million Offers
Pinnacle Housing Group's Elyps Apartments, an eight-story residential development near Fort Lauderdale's waterfront, has recently entered the market, attracting significant investor interest with projected offers exceeding $50 million. Completed in 2023, this nearly fully leased property offers valuable insights into South Florida's dynamic real estate landscape.
Property Overview
Location and Development
Situated at 2500 Southwest 22nd Terrace, Elyps Apartments boasts 140 units with a mix of one-, two-, and three-bedroom configurations. Overlooking Marina Bay Marina, the property provides residents with scenic waterfront views and proximity to Fort Lauderdale's vibrant amenities.
Leasing and Rent Details
As of early 2025, Elyps is 94% leased, with average monthly rents of $2,819. The property's status as a Live Local Act project qualifies it for property tax credits on 100 units, valued at $2,700 per apartment, enhancing its appeal to potential investors.
Investment Potential
Projected Sale Price
CBRE, the brokerage firm marketing Elyps, anticipates that the property will trade in the low $50 million range. This valuation is particularly attractive given the property's size and waterfront location, which often leads to longer-term holdings by investors.
Buyer Demographics
The property's scale and amenities make it appealing to a diverse range of buyers, including national institutional firms, small family offices, and high-net-worth individuals seeking 1031 exchange opportunities. Such a broad buyer pool is relatively rare for new construction in South Florida, making Elyps a unique investment prospect.
Market Context
South Florida Multifamily Market Trends
The South Florida multifamily market has seen several significant transactions in recent months, reflecting a robust investment climate. Notable deals include:
- Shoma Village in Coral Gables sold for $81 million in March 2025.
- 850 Living in Miami traded for $71.5 million in the same month.
- BH Group acquired a waterfront complex in North Bay Village for $83 million in February 2025.
- Arium Lincoln Pointe in Aventura was purchased for $96.5 million in January 2025.
These transactions underscore the strong demand for multifamily properties in the region, driven by factors such as job growth, population influx, and limited housing supply.
Economic Drivers
Employment and Population Growth
Miami-Dade County has added over 90,000 jobs since early 2023, leading all major Florida markets. This economic expansion fuels demand for housing, both for-sale and rental, as more professionals relocate to the area. The influx of residents from high-cost states like New York and California further intensifies the need for diverse housing options. marcusmillichap.com+1MIAMI REALTORS®+1Global Florida Realty
Housing Supply Constraints
Despite the addition of new units, there remains a significant shortage of affordable housing. The Miami metro area faces an estimated deficit of over 82,000 for-sale homes for households earning 60% or less of the area median income, and a shortage of more than 248,000 rental units. This imbalance between supply and demand contributes to rising property values and rents, enhancing the attractiveness of investments like Elyps Apartments.
Insights
Will Pinnacle's Elyps Apartment Project Near Fort Lauderdale Waterfront Fetch Over $50 Million?
Pinnacle Housing Group's Elyps Apartments, located near Fort Lauderdale's waterfront, is expected to fetch offers exceeding $50 million. This projection comes from CBRE, the brokerage firm handling the listing, which anticipates high buyer interest due to the property’s prime location, with a mix of one-, two-, and three-bedroom units.
Why is Elyps Apartments attracting such high offers despite being only two years old?
The location of Elyps—overlooking Marina Bay Marina—combined with its status as a nearly fully leased, two-year-old property, makes it an attractive investment. Furthermore, its qualification as a Live Local Act project adds tax credits on specific units, further enhancing its value. The property’s appeal lies not only in its size but also its waterfront nature, which typically attracts long-term investors.
Who are the likely buyers for Elyps Apartments?
The buyer pool for Elyps is broad, extending beyond large national institutional investors to include small family offices and high-net-worth individuals interested in 1031 exchange deals. This wide range of potential buyers makes the property even more attractive as an investment opportunity, as it suits multiple investor profiles.
How does Elyps compare to other recent multifamily deals in South Florida?
Elyps is part of a larger trend in South Florida's real estate market, which has seen significant multifamily transactions in early 2025. Notable deals include the sale of Shoma Village for $81 million and 850 Living for $71.5 million. These transactions show that the demand for multifamily properties in the region remains strong, driven by economic factors like job growth and population influx.
What economic factors are contributing to the growth in the South Florida multifamily market?
The South Florida economy is thriving, with Miami-Dade County adding over 90,000 jobs since early 2023. This growth, coupled with an influx of residents from high-cost states, has created increased demand for both rental and for-sale housing. However, there remains a significant shortage of affordable housing in the region, which further drives property value increases, benefiting investments like Elyps.
