Franklin Street brokered the sale of Jackson Street Apartments, a 24-unit rental community in Hollywood, Florida. The property is located on 2019 Jackson Street in Fort Lauderdale’s Hollywood submarket. The purchase price of $3.3 million, or $137,500 per door, represents the highest price per door for a 1960s-era traditional rental multifamily property sold in Hollywood’s downtown urban core submarket.
Franklin Street’s South Florida multifamily investment sales team, which included Hernando Perez and Dan Dratch, represented both parties in the transaction. The seller, Miami-based PIA Group USA, is a private equity real estate investment firm while the buyer is a private family office trust. Franklin Street’s Ryan Cassidy and Evan Seacat provided insurance for the asset.
“South Florida’s strong population influx and job growth, combined with the lack of affordable single-family homes, continue to increase the demand for multifamily rentals,” said Perez, director of multifamily investment sales at Franklin Street. “This trend has strengthened the already robust fundamentals of the tri-county apartment rental market. The growing investor demand will keep creating above-average competition for well-located apartment properties in the South Florida market.”
Built in 1968, Jackson Street features a three-story building with an elevator and balconies in select units located in the heart of Hollywood’s downtown urban core and part of Young Circle’s Community Redevelopment Agency. The previous owner renovated 18 of the units with modern kitchen cabinets and counter tops (granite in select units), upgraded stainless steel appliances with over-the-range microwave ovens. Bathrooms offer new vanities, bathtubs and low-flow toilets. The renovation also included new tile throughout, improved light fixtures and new central air conditioning.
The property is situated near the newly revitalized Downtown Hollywood, city hall, Young Circle, major employers, local dining and the world-famous Hollywood Beach Boardwalk, where currently there is over $1.65 billion in real estate development, planned or under construction, throughout the city with key commercial corridors offering additional redevelopment opportunities.
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.