Miami-based Related Group has sold its newly built Veneto Las Olas apartment tower in downtown Fort Lauderdale to Spanish billionaire Amancio Ortega’s Ponte Gadea for $165 million. The deal ranks among the highest per-unit valuations in South Florida this year, at $637,066 per apartment.
RD East Las Olas LLC, an affiliate of Related Group, sold the 259-unit property and 2,000 square feet of ground-floor retail to Ponte Gadea Las Olas LLC, managed by executives in Ponte Gadea’s Miami office.
Completed in 2024, the 46-story, 650,347-square-foot tower is located at 201 S. Federal Highway on a 31,526-square-foot site. The building offers about 18,000 square feet of amenities, including a pool, spa, sky lounge, private dining room, bar, poker room, movie room, summer kitchen, yoga lawn, and fitness center.
Rental listings on Apartments.com show units ranging from 822 to 2,460 square feet, with rents from $4,330 to $15,440 per month, reflecting the building’s high-end positioning. The sale includes a 10-year restriction preventing condo conversion, as Related continues to develop condominiums elsewhere in Fort Lauderdale.
Ponte Gadea, Ortega’s global real estate investment firm, has acquired several prominent South Florida properties in recent years. Its portfolio includes Miami’s Southeast Financial Center, purchased in 2016. The Veneto Las Olas deal underscores Ponte Gadea’s continued confidence in South Florida’s multifamily market and downtown Fort Lauderdale’s appeal to global investors.
