The property has maintained a 10-year 98% occupancy.
SOUTH FLORIDA, JULY 1, 2024 – Franklin Street Investment Sales today announced the sale of Westwood Apartments, a 21,000-square-foot, 22-unit multifamily property in Fort Lauderdale, Fla., for $4.4 million, equating to $199,500 per unit. The property sold at a 5.42% cap rate at $208.01 per square foot.
Franklin Street arranged the sale on behalf of both the seller Westwood Apartments LLC, and the buyer Westwood Realty Partners LLC. Franklin Street’s Evan Seacat provided the insurance policy for the buyer.
Westwood Apartments comprises 22 two-bedroom, one-bathroom units with an average of 950 square feet per unit. The property features onsite amenities including a pool, laundry room, storage room, hurricane impact windows, and lush landscaping.
Leading the successful transaction was Franklin Street’s South Florida-based Multifamily Investment Sales team of Dan Dratch, Ryan Wold and Ethan Krauss.
“In this competitive market, we are pleased to have delivered a deal that satisfies both parties in this rare opportunity,” said Dan Dratch, Regional Managing Director.
Located at 445 SW 7th Avenue, the property is easily accessible to I-95, the Turnpike, Broward Boulevard and US-1. Additionally, the property is within a short distance of local retailers and restaurants of Downtown Fort Lauderdale.
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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. Learn more about Franklin Street at FranklinSt.com.
