Related Companies and Related Group Sell Weston Apartment Complex for $50.5M

A joint venture involving two of real estate's most prominent "Related" firms has sold a 300-unit apartment community in Weston, Florida for $50.5 million, highlighting continued investor appetite for workforce-oriented multifamily product in South Florida.

Transaction Details

The Falls of Bonaventure, located at 201 Racquet Club Road in Broward County, traded at approximately $168,333 per unit. The seller was a joint entity connected to Roizman Development (Fairview, New Jersey), Related Companies (New York), and Related Group (Coconut Grove, Miami).

The buyers were Spira Equity Partners, a Vancouver-based investment firm, and the Foundation for Affordable Housing, a nonprofit based in Bend, Oregon. The acquisition was financed with $53.1 million in loans, including $28.6 million in Freddie Mac senior debt and a $24.5 million subordinate loan from a Spira-tied entity.

Property Profile

Built in 1989, The Falls of Bonaventure spans nearly 20 acres and consists of two five-story apartment buildings plus a clubhouse, totaling 374,245 square feet. The property sits just south of Interstate 75 in Weston, a suburban community in western Broward County.

Roizman Development originally acquired the property for $9.8 million in 1993 — meaning the seller group realized more than a fivefold return over the roughly three-decade hold.

Affordable Housing Demand

The involvement of an affordable housing nonprofit as co-buyer signals the property's positioning in the workforce and affordable segment. At $168,000 per unit, the deal priced at a steep discount to new multifamily construction costs in Broward County, where replacement costs typically exceed $300,000 per unit.

Affordable and workforce housing complexes remain highly sought in South Florida, where pent-up demand fueled by the region's rising cost of living and lagging wages continues to outstrip supply.