Rockpoint Group, The Morgan Group Form Joint Venture for 452-Unit Multifamily Development in Sunrise, Florida
Rockpoint Group, a Boston-based real estate private equity firm, and Morgan Group, a vertically integrated multifamily housing investor, announced January 7 the formation of a joint venture to acquire and develop Caroline at Sunrise, a garden-style apartment community in Sunrise, Florida. Humbold Real Estate Ventures, a Florida-based family-owned real estate firm and current owner of the land, will also participate in the joint venture. Financial terms of the transaction were not disclosed.
Development Details
The development will feature a total of 452 units, including 412 apartments and 40 townhomes. The 21-acre property is situated in the Sunrise submarket of Fort Lauderdale in central-western Broward County, which has emerged as a fast-growing residential destination with strong regional connectivity and convenient access to major employment centers. Residents will benefit from major nearby highway systems, the Fort Lauderdale-Hollywood International Airport, and premier entertainment destinations.
Caroline at Sunrise will be an amenity-rich community offering flexible, thoughtfully designed living spaces designed to meet a range of lifestyles and resident needs. Construction is scheduled to begin in early 2026, with first units expected to deliver in late 2027.
Strategic Rationale
"We are excited to make this investment on behalf of our limited partners," said Dan Domb, Managing Member and COO at Rockpoint. "We continue to see positive demand dynamics in select Florida submarkets including a shift in tenant preferences towards community-based living. Caroline at Sunrise will provide a unique living experience for residents who value proximity to major city centers while maintaining the resort-style, beachside lifestyle that defines Florida. We look forward to partnering with The Morgan Group and Humbold to develop and deliver on a differentiated community experience."
Partnership Approach
"The Morgan Group is proud to partner with Rockpoint and Humbold to develop this unique property," said Evan Schapiro, Vice President and East Region Development Partner at The Morgan Group. "It was critical that we identify an equity partner with deep multifamily experience who shares our vision for Caroline at Sunrise. We look forward to offering tenants the same best-in-class amenities and living experience we have delivered through our Caroline properties across the country – with a focus on responsibility to the local community and a commitment to excellence from start to finish."
The property will showcase best-in-class interior finishes. The development's garden-style format and townhome component reflect evolving tenant preferences in the multifamily sector.