Sale of Carter Park Apartments reflects significant growth in per unit pricing for value-add multifamily product in South Florida
FORT LAUDERDALE, FL (December 17, 2021) – The sale of a 96-unit apartment community in one of Fort Lauderdale’s most rapidly transforming submarkets reflects significant growth in South Florida’s value-add multifamily sector. Carter Park Apartments sold for $13.6 million, or $141,667 per unit, the highest price per unit to ever trade in the submarket. The sale price was just slightly below the new average per unit pricing for Class C multifamily product, according to Q3-21 data on the South Florida market.
Franklin Street’s South Florida Multifamily Investment Sales Team featuring Dan Dratch, Greg Matus and Ryan Wold represented the seller, BSD Management, in the transaction. The buyer is locally based Metropolitan Property Group.
At 700-745 NW 14th Terrace, Carter Park Apartments sits on 4.84 acres within a Federal Opportunity Zone in Fort Lauderdale’s Durrs submarket. The area has been ever changing and improving and the property sits within blocks of major redevelopment. The property, which was built in 1958, consists of 96 units within 24 buildings totaling 62,150 square feet.
“Carter Park Apartments offered a prime opportunity to acquire a well-located property in the heart of one of the fastest growing markets in Florida,” said Dratch. “Between the property’s existing upgrades and current market trends, the new owner has an opportunity to increase rents by approximately $200 per month. Long-term, the property is also ripe for redevelopment as this submarket continues to transform.”
Matus added, “In addition to strong in-place cash flow, the buyer will benefit from the ability to redevelop on the site if they choose to down the road. It is almost impossible to find almost 5 acres of land blocks away from downtown Fort Lauderdale.”
Carter Park Apartments consists of 95 two-bedroom, one-bathroom units and one studio unit. All units
have been upgraded with granite countertops, new cabinets and appliances and new AC units. Many units have also received upgrades to flooring and bathrooms. Exterior renovations include new roofs, upgrades to electrical work and plumbing, fresh paint, the addition of a security system, parking lot resurfacing and more.
Property amenities include an onsite laundry facility, leasing office, access gate, courtyard, large front patios, lush tropical landscaping and ample parking for tenants and guests.
The community is situated within walking distance to numerous retailers, restaurants and major public transportation nodes and also provides ease of access to major roadways such as I-95, US-1, A1A, Sunrise Boulevard and Broward Boulevard. Further, it is five minutes from downtown Fort Lauderdale and 20 minutes from the beaches.
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 lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.