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Franklin Street Brokers $6.15M Sale of Rental Community in Fort Lauderdale MSA

Pinecrest Pointe Apts_457x296
Published: Jan 06, 2020
Franklin Street brokered the sale of Pinecrest Pointe Apartments, a 48-unit rental property located at 295–395 SW 15th Street in the city of Pompano Beach, just to the north of Fort Lauderdale, Fla.  

Franklin Street’s South Florida multifamily investment sales team, which included Dan Dratch, Greg Matus and A.J. Stanford, represented the seller and the buyer, both local private investors, in the $6.15 million transaction.  The asset traded for $128,125 per unit.  Franklin Street Insurance Services’ Ryan Cassidy and Evan Seacat insured the asset.

“This sale achieved a top of the market price in terms of price per unit,” said Dratch, senior associate for Franklin Street. “The asset received multiple offers immediately after hitting the market, which is a clear signal that investor interest remains high for value-add apartment properties.”    

Pinecrest Pointe is conveniently located on the border of Fort Lauderdale and Pompano Beach, and offers direct access to major roadways including S. Cypress Road, US 1 and I-95. The property features recent upgrades including new tile flooring, renovated kitchens and bathrooms, roofs, HVAC system, exterior plumbing and a security camera system.

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.
 
Credit:
Source: Multifamily Press
URL: http://www.multifamilypress.com/