Dania Beach Sees Significant Real Estate Investment
In Dania Beach, Florida, JSB Capital Group has made a noteworthy acquisition by purchasing a multifamily property known as Stellar at Emerald Hills for $69 million. This deal, recorded recently, adds a substantial asset to JSB’s portfolio in the growing South Florida market.
Property Details
The property spans 7.2 acres and features a total of 197 apartments across three three-story buildings. Each unit is part of a development located between 5800 and 5840 Lakeshore Drive, just north of Sterling Road and about a mile west of Interstate 95. The complex is relatively new, having been completed two years ago by the previous owner, Stellar Communities.
Amenities and Features
Stellar at Emerald Hills offers an array of amenities that are appealing to potential tenants. Residents can enjoy a clubhouse, a fitness center, a business center, and a pool. The 218,137-square-foot property was designed with modern living needs in mind, making it an attractive option in the competitive housing market of South Florida.
Transaction Background
Stellar Communities initially acquired the site in 2015 for just $3.8 million. To finance the construction of the complex, they secured a substantial loan of $42.4 million from Japanese lender Orix Real Estate four years later. Following the completion of the property, Stellar Communities proceeded with two refinancing loans totaling $68.6 million.
JSB Capital Group’s Expansion Plans
Jared Frydman, who leads JSB Capital Group’s Miami office, highlighted the company’s strategic goals, stating that the acquisition of Stellar at Emerald Hills “underscores our commitment to continue growing our portfolio in this vibrant and dynamic market.” JSB has a history of significant investments in the region, having previously acquired a 631-unit apartment community in Doral for $255 million in 2021, alongside a $150 million purchase of a 197-unit property called Viva at 3700 in Lauderdale Lakes the following year.
Company Background
Founded by Jonah Jay Lobel, JSB Capital Group engages in investing across various asset classes, including hospitality and industrial sectors. With additional offices in New York and Baltimore, the firm aims for diverse investment opportunities that contribute to its growth.
Market Outlook
The successful transaction reflects ongoing interest and investment in the multifamily housing sector within South Florida. As demand continues to rise due to the region’s appealing lifestyle, favorable climate, and economic growth, properties like Stellar at Emerald Hills are expected to generate considerable interest both from tenants and investors.
As of now, there has been no further comment from JSB Capital Group regarding this acquisition or its future plans within the local market.
