Terra Equity Group acquired the asset from Defined Companies
FORT LAUDERDALE, FL (August 30, 2021) — Franklin Street has arranged the acquisition of a 22-unit luxury apartment community in northwest Fort Lauderdale for $7 million, or approximately $318,181 per unit. The Class A property, at 3050 NW 68th St., was completed in 2020 and completed full lease up in early 2021. The property is currently 100% occupied with an average rent of $1,890 per month.
Franklin Street’s Dan Dratch and Greg Matus, with the firm’s South Florida Multifamily Investment Sales Team, represented Vino Kulhari of Terra Equity Group in acquiring the asset in an off-market deal. Terra Equity Group is a Pembroke Pines, Florida-based private equity firm focused on investing in commercial and multifamily properties.
The sellers, Noah Leon and Steven Guasch of Defined Companies, were represented by Tal Frydman of Newmark. Defined Companies, based in Fort Lauderdale, focuses on developing and delivering attainable, high-quality residential communities in the multifamily and single-family asset classes.
“Demand for multifamily in South Florida continues to be extremely strong,” said Dratch. “In this competitive market, we were pleased to have helped our client secure the contract for this property without it ever officially hitting the market.”
“Broward County added 38 new multifamily assets to its inventory in 2020, and this is the first one to trade,” added Matus. “As the pandemic spurs demand for clean, spacious, new-construction units, we expect to see several more 2020-built assets change hands before the end of the year.”
The property, previously known as Lineo Palm Aire, will now be called Terra Palm Aire under Terra Equity Group’s ownership. Situated in Fort Lauderdale’s Palm Aire submarket, the asset offers convenience to Florida’s Turnpike, Interstate 95 and numerous retail, dining and entertainment options.
Terra Palm Aire consists of two three-story buildings situated on just under 1 acre. The unit mix includes one- and two-bedroom floor plans averaging 1,011 square feet. All residences have contemporary kitchens with quartz countertops and stainless steel appliances, as well as in-unit washers and dryers and luxury wood-style flooring throughout. Select residences have outdoor terraces, private yards and attached garages.
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.