Franklin Street Facilitates Landmark Transactions in Pompano Beach and Dania Beach
Broward County, FL – Franklin Street is thrilled to announce the successful sale of three multifamily properties, culminating in an impressive total transaction value of $19,300,000. This significant achievement for Ryan Wold, Dan Dratch, and Ethan Krauss underscores our unwavering commitment to delivering exceptional results for our clients within a competitive real estate landscape.
Our first notable transaction involved Deerfield Beach Manor at 3901 NW 9th Ave, Pompano Beach, where two properties were sold. The first sale, totaling $3,100,000, saw buyers Daniel and Rene Vargas acquiring a 14-unit property. Shortly thereafter, a second transaction of Fillmore, a 19-unit property with a building size of 12,279 SF sold for $3,450,000 to Alexander Pinto. Both properties, fully renovated and 100% occupied, exemplify the exceptional quality and value that Franklin Street consistently delivers.
Our third notable sale featured Atlantic Manor, situated at 208 Avondale Dr, Pompano Beach, which was sold for $2,750,000. This 13-unit property at 9,431 SF offers a well-rounded mix of 3-bedroom, 2-bedroom, and 1-bedroom units, all fully renovated and 100% occupied. The discerning buyer, Bianca Alvarez, recognized the tremendous potential of this multifamily opportunity, bolstered by substantial capital improvements made to the property.
In addition to these remarkable sales, we facilitated the acquisition of Marina Apartments, one of the only waterfront multifamily assets in Dania Beach, comprising 37 apartment units and 20 boat slips. After navigating market conditions over the last 18 months, Franklin Street presented the sellers with a buyer who has worked with the firm in the past, demonstrating serious intent. The buyer showcased this commitment by ultimately presenting a hard day-one contract with a sizable deposit to be released to the sellers on day one. By delivering an aggressive offer upfront, the sellers agreed to a 120-day closing, allowing the buyer enough time to sell three properties totaling $9,300,000 for a 1031 exchange to use as equity.
After Franklin Street successfully closed these three properties for the buyer, who sold to individual buyers in less than a 120-day period, the buyer was ready to close on the $10,000,000 acquisition of Marina Apartments. In total, Franklin Street facilitated a $19,300,000 transaction for the seller and buyer of Marina Apartments, leading to one of the biggest sales in Broward County.
“Representing the second and third generation ownership of a long-standing family-owned property has been a genuine honor,” stated Ryan Wold, a key member of the Franklin Street team. “We have successfully sold two properties for the family, fulfilling their aspiration of divesting two waterfront assets in Dania Beach.”
Ralph Puig, principal and investor at Puig Equity Group, expressed his appreciation for Franklin Street, stating, “Our partnership has been instrumental in scaling our multi-unit buildings from 16 to an impressive 127 units. Their expertise has significantly enhanced the visibility of our projects, contributing to our overall success.”
The collaboration between Franklin Street and Puig Equity Group has facilitated over $100 million in transactions over the past eight years, a testament to the strength of our relationship and the unparalleled expertise of the Franklin Street team. We remain committed to fostering strong relationships and delivering personalized service, ensuring continuous growth and innovation in the real estate sector.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management, and Project Management. With $10 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide.
