Franklin Street arranged the sale of Waters Edge Apartments, a 16-unit rental community in the South Florida city of Wilton Manors. The property is located on 550 NE 20th Street in Fort Lauderdale’s Wilton Manors submarket. The purchase price of $2.5 million, or $156,250 per door, represents the highest cost per door recorded this year for a multifamily property in the Wilton Manors area.
Franklin Street’s South Florida multifamily investment sales team, which included Greg Matus, Dan Dratch and AJ Stanford, represented the seller, a locally based private investor. The sale price for Waters Edge is almost 20 percent higher than the 2018 market average.
“This purchase continues to prove that there is no shortage of interest for well-located, value-add multifamily opportunities in South Florida,” said Matus, senior vice president of investment sales at Franklin Street. “Through Franklin Street’s exclusive marketing campaign, we delivered 17 competitive offers for the sellers and were able to close the deal within 8 percent of the list price.”
“In order to produce such positive results for a seller, it is imperative to have significant activity on the listing,” said Dratch, senior associate. “Franklin Street’s multiple lines of business provides us with a broader reach of clients. Our team did an outstanding job of bringing buyers to the property, pushing the value of the asset, and providing the most amount of exposure for our client.”
Built in 1965, Waters Edge Apartments is 100 percent occupied and offers a mix of 2-bedroom/1-bath and 1-bedroom/1-bath apartment units. The property featured balconies for the second story apartments and courtyards for the ground floor units, all with a waterfront view.
About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.
