secured the sale of Lee Street Apartments, a 12-unit rental community located on 1958 Liberty Street in the Hollywood submarket of Fort Lauderdale, Fla. The purchase price of $1.3 million, or $185.08 per square foot, represents one of the highest price per square foot transactions for a similar vintage and asset class in Hollywood’s downtown urban core this year. Franklin Street’s
South Florida multifamily investment sales team, which included Hernando Perez, Dan Dratch
and Oscar Banegas
, represented both the seller, Lee Street Apartments, LLC, and the buyer, 1958 Liberty St., LLC. Both parties are locally-based private investors.
“South Florida’s robust population and job growth, combined with the lack of affordable single-family homes, continue to push the demand for rentals,” said Perez
, director of multifamily investment sales at Franklin Street
. “This was a highly competitive transaction with Franklin Street’s
marketing campaign generating multiple offers immediately after listing the asset.”
Built in 1967, Lee Street Apartments is located just blocks from US-1 in Hollywood’s Royal Poinciana neighborhood. The owner recently renovated approximately 80 percent of the units with new kitchen cabinets, bathrooms, water heaters and impact resistant windows. 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 divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, 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.