FORT LAUDERDALE, Florida —
Franklin Street, a full-service commercial real estate services firm operating nationwide, announced it has brokered the sale of Twin Lakes Villas, a lakefront townhome multifamily property, in Oakland Park for $10.15 million. Franklin Street represented the seller, Tamuz-41000 Twin Lakes LLC and the buyer, Ashalakes, LLC, in the sale. Both the buyer and seller are local private investors.
“Despite prevailing challenges with the current market, including tight financing and a cooling rental demand, we were able to get the deal done at a top of the market price in a compressed timeframe,” Dan Dratch, regional managing director, Franklin Street, said. “The asset itself is one-of-a-kind and located in a suburban, single-family dominant, supply-constrained area. The property has a desirable unit mix and strong cash flow with upside, giving the buyers a true value-add opportunity with a strong day-one return and the ability to maximize their return on investment in the long run.”
Dan Dratch, Ryan Wold, senior director, Alex Gerdak, senior associate, and Alec Lau, brokerage team specialist, represented the seller for Franklin Street. Additionally, Franklin Street’s Insurance Services team, led by Evan Seacat, managing director, bound the policy for the property.
“This deal is also another example of what makes Franklin Street’s platform successful. The buyers are preexisting clients of Franklin Street’s Insurance Services team allowing for collaboration to present this deal off-market in addition to binding the new policy for the property. The deal resulted in the highest price per door sale in Oakland Park ever for multifamily assets built prior to 2007, creating a mutually beneficial transaction for both buyer and seller.”
Twin Lakes Villas is located at 4100 NW 16th Avenue in Oakland Park. It was built in 1973, is more than 37,000 square feet and its 37 units are fully occupied. Onsite amenities include a community pool, parking for tenants and guests, and lakefront views. The asset is adjacent to Royal Palm Park, a public park featuring basketball and volleyball courts, walking trails, and playground and picnic areas.
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About Franklin Street
Franklin Street is a fully integrated, national commercial real estate services firm headquartered in Tampa, Florida. We combine thoughtful planning with decisive action to deliver winning results to clients nationwide. Franklin Street’s seven lines of business include Capital Advisory, Insurance, Investment Sales, Property Management, Project Management and Tenant and Landlord Representation. Founded in 2006, Franklin Street has a network of industry-leading brokers and capital partners across the country to ensure exceptional client service. Learn more about Franklin Street.
