The 100% occupied, value-add asset has received significant renovations
SOUTH FLORIDA (June 6, 2023) – Franklin Street has arranged the sale of Oakland Manor Apartments, a 9,000-square-foot value-add multifamily property in Tamarac, Florida, for $2.19 million, equating to $219,000 per unit.
Franklin Street’s Multifamily Investment Sales Team of Ryan Wold, Dan Dratch and Greg Matus brokered the transaction on behalf of the seller, Florida-based Prospect 2 LLC.
“Given the recent market challenges, there remains considerable investor interest in competitively priced opportunities in South Florida. This specific cash buyer enjoyed a higher return compared to those seeking acquisitions with financing,” said Dan Dratch.
Oakland Manor Apartments comprises 10 two-bedroom, one-bathroom units. Built in 1972, the property recently underwent capital improvements including hurricane impact windows, roof replacement, in-unit washer and dryer, new water heaters and replacement of central AC units.
At 2358 NW 52nd Ct., the property is located in Tamarac, a rapidly growing submarket in Broward County. Further, it is located conveniently near major retailers, restaurants and major transportation, including the I-95 corridor and Fort Lauderdale Executive Airport.
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 $7 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 firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.
