Morgan Group Plans 452-Unit Multifamily Project in Sunrise – The Real Deal

Morgan Group won city approval for a 452-unit multifamily development in Sunrise.

The Houston-based multifamily developer won approval earlier this month of a site plan for the low-rise apartment and townhouse complex, called Caroline at Sunrise, as well as a rezoning of the 21-acre development site.

Two companies own the site and are partners with Morgan Group in the development of Caroline at Sunrise, said Aventura-based Lauren Iaslovits, who manages one of the companies.

The owners of the site on the southwest corner of North Pine Island Drive and West Oakland Park Boulevard are 3363 Pine Island, LLC, and Humbold 18, LLC, according to Morgans rezoning application.

Steve Flasz of Hallandale Beach manages 3363 Pine Island, which owns a large eastern swath of the development site that includes a former ice rink that was called Sunrise Ice Chalet. His company paid $3.9 million in 2019 for the former ice-skating property at 3363 North Pine Island Road in Sunrise, according to county property records.

Iaslovits, manager of Humbold 18, told The Real Deal that the total price the two companies paid in 2019 for the Caroline at Sunrise development site, including the old ice rink, was about $13 million.

The Sunrise City Commission rezoned the development site on Nov. 14 from general business district (B-3) to planned unit development (PUD) and approved a 14-building site plan for Caroline at Sunrise.

Morgan agreed to reserve 15 percent of the residential units, which equates to 68 units, as affordable housing with below-market rents for moderate-income tenants, as defined in the Broward County Comprehensive Plan.

Other conditions of the rezoning include Morgans agreement to pay $150,000 to upgrade a nearby bus stop with a bus shelter design, and to build a seven-foot wall on the west side of the development site, next to a cluster of single-family homes.

The development is designed as eight four-story apartment buildings with 412 units, and six three-story townhouse buildings with 40 townhouses. The townhouses would range in size up to 2,358 square feet.

The apartment section of the development would include 35 three-bedroom units, each with about 1,400 square feet, along with 219 two-bedroom units ranging from 1,088 square feet to 1,275 square feet, and 158 one-bedrooms ranging up to 759 square feet.

Amenities will include a swimming pool with cabanas, a clubhouse with a gym and resident business center, a pocket park, a tot lot and a dog park. An outdoor kitchen and seating area is planned in the townhouse section.

Family owned Morgan is led by Chairman Michael Morgan and CEO Philip Morgan, and has built or acquired over $4.5 billion of multifamily assets with over 23,000 units, according to its website. Its current portfolio includes more than 17,000 units in Texas, California, Arizona, Colorado, Missouri and Florida. In addition to its Houston headquarters, the firm has regional offices in Austin, Denver, Dallas and Miami.

Read the rest here:
Morgan Group Plans 452-Unit Multifamily Project in Sunrise - The Real Deal