The property was 100% occupied at the time of sale.
SOUTH FLORIDA, May 31, 2024 – Franklin Street Multifamily announced today that it has closed the sale of 90 Isle of Venice, a 5,360-square-foot multifamily property in Fort Lauderdale, Fla., for $4.8 million, equating to $600,000 per unit.
Franklin Street arranged the off-market transaction on behalf of both the seller Miami-based Aqua Di Venice LLC, and the buyer Fort Lauderdale, Fla.-based Ninety Isle of Venice LLC.
Built in 1950, 90 Isle of Venice comprises a unit mix of two studio units, four one-bedroom and one-bathroom units, and two two-bedroom and two-bathroom units. The property includes seven boat docks, with the potential to redevelop the waterfront with an additional .34 of an acre and a 120-foot lot.
Leading the successful transaction was Franklin Street’s South Florida-based Multifamily Investment Sales team of Dan Dratch, Ethan Krauss and Ryan Wold.
Dan Dratch, the firm’s Regional Managing Director in South Florida, shared, “This sale represents the demand South Florida is still seeing for well-located real estate. This property is located on one of the most premier streets in all of South Florida, Isle of Venice Dr surrounded by multimillion-dollar homes and condominiums.”
Dratch added, “Our team was able to leverage our extensive knowledge of this submarket to put this deal together off market with great clients on both sides. We are excited to see this future development project carried out and add to the beauty of this high barrier entry area.”
Situated at 90 Isle of Venice Drive, the heart of the Hendricks and Venice Isles in Broward County, the property is conveniently located within walking distance of world-famous Fort Lauderdale Beach and renowned Las Olas Blvd.
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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 $10 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.
