Real Estate

Union Investment Buys $227M Florida Community

EON Squared. Image courtesy of Union Investment

Union Investment has bought its first two U.S. multifamily properties, totaling 476 units, for $226.5 million. The EON Squared towers are in Flagler Village, a burgeoning Fort Lauderdale, Fla., submarket. Walker & Dunlop brokered the transaction. Greystar will manage the two buildings.

Completed in May 2019, EON Squared Phase I offers 206 units totaling 192,600 square feet. Its acquisition was made for the Unilmmo: Global portfolio.

Adjacent to the Phase I tower, EON Squared Phase II was delivered in July of this year and encompasses 270 units totaling 237,900 square feet. It’s been purchased for the Unilmmo: Europa portfolio.

Floorplans comprise studios and one- to three-bedroom units, ranging from 405 square feet to 1,430 square feet. Community amenities include two fitness centers, two pools, coworking spaces, lounges, playrooms and a movie room.

Located at 444 NE Seventh St., the towers are less than 1 mile west of Holiday Park and 3 miles west of Central Beach. Several dining, retail and entertainment centers are available within a 1-mile radius.

Growing in the US

The company’s investments team acquired four properties in the U.S., valued at over $425 million, entering the grocery-anchored retail and multifamily markets, Matthew Scholl, executive director & head of investment management, Americas at Union Investment, said in prepared remarks. He added that, with the EON Squared purchase, the company’s U.S. portfolio now totals $6.5 billion assets under management.

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