In addition to representing the seller in the transaction, Franklin Street provided debt and insurance services for the buyer
FORT LAUDERDALE, FL (March 5, 2021) — Franklin Street has arranged the sale of an eight-unit, value-add multifamily property in Fort Lauderdale’s highly sought-after Coral Ridge Isles submarket. The property, known as the 18th Ave. Villas, sold for $137,500 per unit or nearly $250 per square foot, reflecting a 416% appreciation in value since it last traded in 1986.
Franklin Street’s South Florida Multifamily Investment Sales Team of Ryan Wold, Dan Dratch, Greg Matus, Travis Jones and arranged the transaction on the behalf of the seller. Joseph Landsberg of the firm’s Capital Advisory team helped secure a loan for the buyer.
At 5901-5911 NE 18th Ave., the property is located in one of Fort Lauderdale’s most desired neighborhoods, just minutes from the beach and walking distance to numerous major retailers, grocery stores and local restaurants.
The fully occupied community consists of four one-bedroom units and four two-bedroom units, all with private front porches overlooking a lush courtyard. Recent upgrades include hurricane impact windows, new paint and new electrical panels throughout the property, as well as new kitchen cabinets and granite countertops in a majority of units.
“We were pleased to have secured a quality buyer for this property within just one month of marketing,” said Wold. “This successful transaction is the result of Franklin Street’s collaborative, full-service approach, which allowed us to secure a quality buyer while also providing debt and insurance services.”
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.