Berkadia announced on April 14 that it has arranged the sale and financing of Nova Central, a 140-unit garden-style multifamily property located in the Fort Lauderdale metro area of Davie, Florida. The transaction involved Robbins Property Associates as the seller and McDowell Properties as the buyer.
The deal is significant due to ongoing challenges in South Florida’s housing market. Chronic undersupply and a growing gap between homeownership costs and rental rates are influencing renter behavior.
Jaret Turkell, Senior Managing Director at Berkadia South Florida, said, “Nova Central sits at the intersection of two powerful forces shaping South Florida multifamily today — chronic housing undersupply and a homeownership cost gap that continues to widen. The monthly delta between owning and renting in parts of Broward County is significant, and it’s driving a renter cohort that is professionally employed and sticky – ready to lease for the long-term.”
Omar Morales, Senior Director at Berkadia South Florida, added, “What made Nova Central so attractive to the market was the clarity of the business plan. The prior ownership laid the groundwork — proven renovations, demonstrated rent premiums, and a tenant base that supports continued upside. For McDowell, this is a rare opportunity to step into a value-add story mid-chapter, with the hard work of proof-of-concept already done and meaningful yield still on the table.”
Built in 1996 at 6857 College Ct., Nova Central offers two-bedroom apartments with amenities such as a resort-style pool with sundeck, modern fitness center, clubhouse, business center, surface parking options as well as private patios or balconies in select homes. Residents benefit from proximity to major retailers like Trader Joe’s and Costco along with access to transportation corridors including I-595 and Florida’s Turnpike. The location also provides easy access to educational institutions like Nova Southeastern University.
The property’s location near employment centers makes it suitable for professionals working across logistics, aviation, healthcare or education sectors within commuting distance from both Fort Lauderdale-Hollywood International Airport and Miami International Airport.