May 2, 2017
A 2.2-acre multifamily development site in Dania Beach, FL was acquired for $5 million by 4 N Federal Dania LLC. The affiliate of Fort Lauderdale-based Merrimac Ventures, managed by Dev Motwani, acquired the property from CTKO Dania Venture with plans to develop the $70-million Trion Dania Beach project.
Located at 4 North Federal Highway, the eight-story project is planned for 286 apartments and 16,000 square feet of retail. Amenities are slated to include indoor and outdoor gyms, a dog park, co-working space, yoga and spinning rooms, as well as an elevated outdoor pool deck.
Motwani worked on securing project approvals with the previous owner last year, and plans to rename the development. The developer is seeking roughly $40 million in financing before breaking ground.
Avison Young’s Dave Duckworth brokered the deal.
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