Church of Jesus Christ of Latter-day Saints’ Real Estate Arm Acquires $133M Apartment Building in Plantation

The Church of Jesus Christ of Latter-day Saints’ Real Estate Arm Makes $133 Million Investment in South Florida Apartment Building

In a bold move amidst a booming South Florida real estate market, The Church of Jesus Christ of Latter-day Saints’ commercial real estate investment arm, Property Reserve, has purchased a 315-unit apartment building in Plantation for a whopping $133 million. The eight-story Ellsworth at 1301 Southwest 80th Terrace was acquired from developers Stiles and PGIM Real Estate, showcasing the church’s commitment to strategic investments in the region.

The purchase, which equates to $422,222 per unit, comes at a time when multifamily sales in South Florida are on the rise, despite challenges such as elevated interest rates and economic headwinds. Completed just last year, Ellsworth offers one- to three-bedroom apartments with monthly rents ranging from $2,915 to $4,234, catering to a diverse range of tenants.

Adjacent to Temple Kol Ami Emanu-El, the development site was sold to Stiles and PGIM by the temple in 2021 for $5.4 million. Stiles, a renowned family-owned real estate firm with a vast portfolio across the Southeast U.S., and PGIM Real Estate, a global investment division of PGIM, have been key players in the South Florida real estate market.

Property Reserve, led by CEO Ashley Powell, has been actively expanding its real estate portfolio in the region. In December, the company acquired a majority stake in the Beacon Logistics Park campus in Hialeah for $174.3 million, demonstrating its commitment to strategic investments in high-growth areas.

Despite criticism over limited public disclosure requirements on the church’s finances and investment portfolio, Property Reserve’s recent acquisitions underscore its confidence in the South Florida market. With multifamily deals on the rise this summer, including Brookfield’s $107.5 million purchase of the Turtle Cove complex in Palm Beach County and Mesirow’s $89.4 million acquisition of the Retreat at Sawgrass Village in Sunrise, the region continues to attract significant investment interest.

As South Florida’s real estate market remains resilient in the face of challenges, Property Reserve’s latest investment in the Ellsworth apartment building highlights the region’s appeal to institutional investors seeking long-term growth opportunities.