Pompano Beach, Fla. – Franklin Street has arranged the sale of Laurana Apartments, a 10-unit boutique multifamily community located at 101 NW 7th Avenue in Pompano Beach. Laurana Apartments sold for $800,000 or $80,000 per unit, which represented 98 percent of the list price.
Dan Dratch, AJ Stanford and Greg Matus of Franklin Street’s South Florida multifamily investment sales team represented the buyer and seller, both local private investors. Franklin Street’s Patrick Miller and Evan Seacat will insure the asset for the new owner.
“Within the first two weeks of marketing we had several tours and multiple written offers,” said Dratch, senior associate at Franklin Street. “Our team worked with the buyer to have a compressed inspection timeline and close the building in less than 60 days at 98 percent of list price.”
Laurana Apartments is located in the heart of Pompano Beach’s innovation district. The city has identified this area to undergo significant redevelopment through public/private partnerships and incentive programs they will offer to owners and developers. Investors were attracted to this multifamily asset because of the strong in-place cash flow from day one, along with the long-term value growth of the future surrounding development.
“There is no shortage of capital being put to work in these areas that will benefit from long-term redevelopment,” said Matus, senior vice president with Franklin Street. “Ultimately, that will always help us navigate these sales so quickly and effectively for both parties.”
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 divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, 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.