Rockpoint and The Morgan Group, a vertically integrated, third-generation family business that invests in multifamily housing in high-growth U.S. markets, have formed a joint venture to acquire and develop Caroline at Sunrise, a garden-style apartment community in Sunrise, Fla. Humbold Real Estate Ventures, a Florida-based, family-owned real estate firm, and current owner of the land, also will participate in the joint venture. Financial terms of the transaction were not disclosed.
The development will feature a total of 452 units, including 412 apartments and 40 townhomes. The 21-acre property is situated in the Sunrise submarket of Fort Lauderdale in Broward County, which has emerged as a fast-growing residential destination with strong regional connectivity and convenient access to major employment centers. Residents benefit from major nearby highway systems, the Fort Lauderdale-Hollywood International Airport, and premier entertainment destinations. Caroline at Sunrise wi
