Transaction achieved record pricing for comparable properties in the Lauderdale Lakes submarket
BROWARD COUNTY, FL (September 20, 2021) — Franklin Street has arranged the sale of a 48-unit value-add multifamily property in Lauderdale Lakes, a submarket of Fort Lauderdale, for $6.95 million or $144,791 per unit. The 1972-built property, called Newcastle Apartments, was 100% occupied at time of sale and offers immediate upside through rent growth.
Franklin Street’s Dan Dratch, Greg Matus, Travis Jones, Ryan Wold and Oscar Banegas with the firm’s South Florida Multifamily Investment Sales Team, represented Colin O’Keefe and Guy Holbrook of Tidegate Capital in the disposition. The buyer is South Florida-based Alejandro Gershanik of BM2 Realty.
Newcastle Apartments features an attractive unit mix of 35 two-bedroom, two-bathroom apartments and 13 one-bedroom, one-bathroom apartments. All units feature private balconies.
“Based on comparable properties in this submarket, the Newcastle Apartments sale at $144,791 per unit represents the highest price per unit sale in Lauderdale Lakes,” said Dratch. “This was achievable due to the immediate potential to increase rents. The buyer will be able to capitalize on the hottest rental market we have ever seen in South Florida.”
At 3380-3400 NW 30th St., Newcastle Apartments is located conveniently between Interstate 95 and Florida’s Turnpike. Just off W. Oakland Park Blvd, the property is also located within proximity of an abundance of retailers and employers.
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.