Real Estate News

24-acre lot in Broward sells for $12.3 million

A rendering of the planned rental community in Lauderdale Lakes and Tamarac. The site is planned for a vacant 24-acre lot that sold for $12.3 million.
A rendering of the planned rental community in Lauderdale Lakes and Tamarac. The site is planned for a vacant 24-acre lot that sold for $12.3 million. Atlantic Pacific Development.

A vacant 24.2-acre lot near Commercial Boulevard that straddles the line between Tamarac and Lauderdale Lakes sold for $12.3 million this week.

The buyer, Atlantic Pacific Development, is planning to build 420 rental units on the site. The development will include a clubhouse, tennis court, pool, dog park and children’s playground. Most of the property, which has an address at 4850 N. State Road 7 in Lauderdale Lakes, lies in Lauderdale Lakes and a smaller portion is in Tamarac.

“This project is a game-changer for the neighborhood because it’s never really had residential,” said Thomas Godart, managing director of Godart Florida Real Estate Investments, which brokered the sale. “It’s only been office and retail.”

Rents will likely range from $900 to $1,100 per month for one- and two-bedroom units, Godart said.

The seller, Coral Ridge Presbyterian Church, a megachurch in Fort Lauderdale, had owned the property since 2000.

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