The property was 100% occupied at the time of acquisition
SOUTH FLORIDA (September 29, 2023) – Franklin Street has arranged the sale of Breezy Palm Apartments, a 16,700-square-foot multifamily property in Pompano Beach, for $5.25 million, equating to $175,000 per unit & $315 per square foot.
Franklin Street’s Multifamily Investment Sales Team of Dan Dratch, Greg Matus and Ryan Wold brokered the transaction on behalf of the seller, Florida-based Axiom Normandy Holdings, LLC. The buyer is California-based Icarus Mark LLC. The buyer has recently relocated to South Florida and is looking to expand their portfolio here locally.
Breezy Palm Apartments comprises four studio units, 22 one-bedroom, one-bathroom units and four two-bedroom, one-bathroom units. Built in 1964, the property recently underwent capital improvements including hurricane impact windows, painted exterior, resurfaced and repaired driveway, electrical updates and replaced plumbing. Additionally, the property features on-site laundry, a pool and a tropical courtyard. The buyer plans on continuing the work the seller had started and renovating all interior units which in turn will help increase rents in the future.
“Given the recent market challenges with capital and insurance, there remains considerable investor interest in South Florida apartment opportunities,” said Dratch. “2021 & 2022 were the strongest years in the market history, in that timeframe the average pricing for this size and vintage product in Pompano Beach was $167,410 per unit and $246.28 per foot. Our team’s execution yielded tremendous results, closing at $175,000 per unit and $315 per foot, well above the market average for the last two years.”
Dratch added, “our unique approach and collaborative platform is the difference maker, it also allowed us to stay ahead of the headwinds in the market and assure execution for both buyer and seller.”
At 1751 NE 31st St., the property is conveniently located near major retailers, restaurants and transportation, including the I-95 corridor and US-1. The building also sits adjacent to a brand new 285-unit apartment project called Sentosa, which is set to break ground this year.
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.