New Urban Communities Sells Azul Apartments In Stuart For $15.5 Million

The Delray Beach-based New Urban Communities, led by Kevin Rickard and Tim Hernandez, has sold Azul Apartments in Stuart for $15.5 million to the San Diego-based public REIT DiversyFund Growth REIT. The price breaks down to roughly $316,000 per unit. The transaction was overseen by Stephen Nostrand and Alexis Shapiro with ONE Commercial Real Estate. Azul Apartments was developed in 2019 and features 49 units spread over 32,577 square feet of total developed. Units come in one, two and three-bedroom floor plans and amenities include a pool, spa, fitness center, media center, club room, walking trails and on-site management. Located at 201 SW Joan Jefferson Way, Azul Apartments rises three-stories on 1.6 acres of land which was leased by the city to the developer was designed by Martin Architectural Group.