Franklin Street has arranged the $2.25 million sale of Victoria Breezes Apartments, a 16-unit boutique multifamily community located at 701 NE 16th Avenue in the Victoria Park submarket of downtown Fort Lauderdale. The sale represents the second multifamily property sold by Franklin Street this year within the submarket.
Dan Dratch and Greg Matus of Franklin Street’s South Florida multifamily investment sales team represented the seller, a local private investor, in the marketing of the property. The buyer is also a locally-based investor who acquired the property as part of a 1031 exchange. The buyer plans to invest the capital needed to upgrade and beautify the property. These improvements will have a positive impact on the revenue the property generates and the overall value of the asset.
Victoria Breezes sold for $140,625 per unit and over $203 per square foot. The property consisted of 16 individual condo units which provides multiple exit strategies for the new owner.
“Franklin Street’s national marketing campaign generated multiple competitive offers within the first two weeks of listing the property,” said Dratch, senior investment sales associate at Franklin Street. “This sale signals that buyers are still aggressively chasing value-add opportunities for assets in premium locations that they can upgrade and remodel.”
“Franklin Street is growing its market share in selling privately owned multifamily properties in South Florida,” said Matus, senior vice president of investment sales at Franklin Street. “Our collaborative platform and full range of services has been a difference maker when it comes to winning the business.”
Built in 1959 and renovated in 2006, Victoria Breezes is ideally located near U.S. 1 in proximity to the downtown Fort Lauderdale financial district, Las Olas Riverfront and the Las Olas Boulevard shopping, dining and entertainment district. The property is also adjacent the increasingly popular Flagler Village area of downtown.
About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, 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.