Stewards Inc. is moving forward with plans to acquire two apartment buildings in Broward County in a deal valued at $240 million.
The Fort Lauderdale-based financial and real estate firm, headed by Shaun Quin, signed letters of intent to purchase the 330-unit Pixl apartments in Plantation and the 214-unit Envy apartments in Pompano Beach in a stock deal, the South Florida Business Journal reported.
If the deal closes, Stewards would acquire the owners’ equity interests in the properties in exchange for $240 million worth of newly issued shares at $3 per share, the outlet said. The existing debt on the buildings would remain in place. The valuation amounts to $441,000 per unit.
Affiliates of Plantation-based Invesca Development Group, led by Michael and Bernard Hsiao, developed the apartments. Pixl Development LLC, managed by the Hsiaos, completed Pixl at 4300 Northwest Ninth Court last year with a $76.5 million construction loan. The apartments include studio, one-bedroom loft and two-bedroom floorplans ranging from 600 to 1,015 square feet, its website shows.
Envy Development DE LLC, another Hsiao-managed entity, built Envy Pompano Beach at 425-475 East Atlantic Boulevard in 2021. The complex comprises two 11-story buildings with studios, one-bedroom and three-bedroom units ranging from 700 to 1,025 square feet, The Real Deal previously reported.
Rents start at $2,300 and go up to $4,400, according to Envy’s website. Amenities include a rainforest atrium, mini golf course and outdoor movie theater. In 2024, Invesca secured a $55.2 million bridge loan to convert the apartments into for-sale condos.
Stewards has advanced its due diligence on the proposed acquisitions, according to a Sept. 14 announcement. The firm already loaned the properties $1.7 million as part of its non-binding agreement to buy them, the outlet said.
The acquisition would be Stewards’ second Broward apartment stock deal. Last year, the company, named Favo Capital at the time, bought the 277-unit 1818 Park apartment tower in Hollywood in an all-stock deal worth $190 million.
— Grace McClung
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