Fort Lauderdale-based Stewards has signed letters of intent to acquire two residential complexes in Broward County, Florida. This transaction, structured as a stock deal, is valued at $240 million. The Nasdaq-listed finance and real estate firm will add the 330-unit Pixl Apartments in Plantation and the 214-unit Envy Apartments in Pompano Beach to its portfolio. This will increase the total number of units in the company's portfolio by 544.
Under the proposed structure, Stewards would acquire the equity interests in the properties' owner entities and issue new shares to the sellers at a price of $3 per share. The sum of $240 million cited by Stewards represents the aggregated implied value of the properties, including existing property financing, and not the value of the shares Stewards will issue for the deal.
Shaun Quin, CEO and President of Stewards, commented on the transaction: "This is an important next step in executing our comprehensive Stewards strategy." He added that the two properties would expand the company's hard asset platform as it builds its private credit, real estate, and technology businesses. Glen Steward, Chairman of Stewards, emphasised the significance of the acquisitions, stating that hard assets represent an increasingly important part of Stewards' corporate strategy.
Both projects were developed by the Invesca Development Group. The Pixl Apartments, located at 4300 Northwest Ninth Court, were completed in 2025. The Envy Apartments at 425 East Atlantic Boulevard opened in 2021.
This deal follows just days after Stewards' uplift to the Nasdaq Capital Market, where the company's shares began trading on 10 September. Earlier in 2025, when the company was still operating under the name Favo Capital, it acquired the mixed-use building 1818 Park in Hollywood, Florida, in an all-stock deal valued at $190 million. Stewards refinanced this property in June with a $69 million senior mortgage and a $10 million mezzanine loan.
