Franklin Street has arranged the $2.9 million sale of Casa Victoria Apartments, a 12-unit boutique multifamily community located at 640 NE 7th Ave in the Victoria Park submarket of downtown Fort Lauderdale.
At over $240,000 per unit, the sale represents the largest per unit apartment price for a 1970s-era multifamily property within the submarket.
Dan Dratch, Hernando Perez, and Kameron Djamal of Franklin Street’s South Florida multifamily investment sales team represented the seller, a local private investor, in the marketing of the repositioned 12-unit property. The buyer is also a local private investor who plans to take advantage of the growing apartment and short-term rental market and anticipates future growth through the continued improvement of the Victoria Park neighborhood.
Franklin Street’s Evan Seacat and Ryan Cassidy insured the asset for the buyer. The seller carried out a complete gut renovation spending more than $600,000 rebuilding the interior with premium finishes. All units boast top of the line floors, kitchen countertops, cabinetry, stainless-steel appliances and modern bathrooms.
While the price sets a new benchmark compared to similar properties, the existing rental rates averaging over $2.50 per square foot support a strong yield given the low interest rates.
“This property is now one of the most high-quality apartments in one of Fort Lauderdale’s most sought-after neighborhoods,” said Dratch, Investment Sales Associate at Franklin Street. “The sellers should be commended for turning a previously deteriorating asset into a very successful revitalization story.”
“As the economic recovery continues to strengthen, multifamily investor demand is still outpacing the available supply of well-positioned, income-producing properties for sale,” said Perez, Director of Multifamily Investment Sales at Franklin Street. “This sale demonstrates the continuing strong interest in quality investment properties in South Florida.”
Casa Victoria is located a block from 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.