Franklin Street brokers sale of Harbour Beach Residences to Tavistock Development for $7.15 million
Tavistock acquires additional property in Harbour Beach
FORT LAUDERDALE, Florida —
Franklin Street announced it has successfully brokered the sale of Harbour Beach Residences to Tavistock Development, the developer behind the $1 billion Pier Sixty-Six redevelopment. Franklin Street represented both buyer and seller in the transaction of the 24-unit multifamily development community. Corinthian Capital was the seller. Tavistock plans to operate the property, which is fully occupied, as traditional apartments as it works on redevelopment plans for the site as it is strategically located next to Phase II of Pier Sixty-Six.
“The successful sale of Harbour Beach Residences is a huge testament to the continuous growth and demand we have been seeing in South Florida, particularly in Fort Lauderdale,” Dan Dratch, regional managing director, Franklin Street, said. “Despite prevailing challenges to the market, we are still seeing high-level interest in quality and well-located real estate such as this. This asset is unique and fits well within the buyer’s existing footprint. We relied on our ability to customize strategies for institutional clients resulting in a mutual win for both clients.”
Built in 1964, recent renovations to the property include new roofs for both buildings, installation of new impact windows, parking lot resurfacing, AC unit and interior electrical panel replacements, new exterior paint, new luxury vinyl and tile flooring, new stainless steel appliances, modernized kitchens and bathrooms with premium cabinetry, countertops, and vanities. The desirable location, supply constrained multifamily market, and Tavistock’s acquisitions and redevelopments in the area contributed to the deal going from under contract to closing in less than two weeks in an all-cash deal.
“We had a motivated client ready to sell and an institutional buyer with equity and desire to continue to expand its presence in an area it had already invested in,” Dratch said. “This led to one of the highest price per unit and price per foot sales in this zip code’s history for comparable assets.”
Dratch served as lead broker, with Ryan Wold, senior director, and Alexander Gerdak, senior associate assisting in the sale.
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About Franklin Street
Franklin Street is a fully integrated, national commercial real estate services firm headquartered in Tampa, Florida. We combine thoughtful planning with decisive action to deliver winning results to clients nationwide. Franklin Street’s seven lines of business include Capital Advisory, Insurance, Investment Sales, Property Management, Project Management and Tenant and Landlord Representation. Founded in 2006, Franklin Street has a network of industry-leading brokers and capital partners across the country to ensure exceptional client service. Learn more about Franklin Street.