secured the sale of Victoria Cottages, a 10-unit rental community located on 921-925 NE 17 Avenue in the Victoria Park submarket of Fort Lauderdale, Fla. The purchase price of $1.6 million, or $160,000 per door, represents one of the highest price per unit transactions for a similar vintage and asset class in Fort Lauderdale’s downtown urban core this year. Franklin Street’s
South Florida multifamily investment sales team, which included Dan Dratch
and AJ Stanford
, represented both the seller, BJS South Properties, LLC, and the buyer, Michael Ruble. Both parties are locally based private investors.
“The sale achieved a top of the market price in terms of price per unit and has exceeded the market in price per square foot when comparing similar-vintage properties,” said Stanford
, senior associate of multifamily investment sales at Franklin Street
. “This transaction shows that buyers aren’t only looking for distressed assets with a big value-add component. Well-maintained, income-producing assets with strong monthly cashflow in well-located areas are still in high demand by multifamily investors.”
Built in 1959, Victoria Cottages is located west of U.S. 1, just off Sunrise Boulevard. The 5,276-square-foot property is in proximity to Class A multifamily buildings, grocery stores, Holiday Park, and the Gateway Shopping Center. 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.