Delray Beach (October 28, 2020) – Franklin Street has arranged the sale of Delray Gulfstream, a 12-unit, multifamily investment property in Delray Beach, Florida.
The Franklin Street multifamily investment sales team of Travis Jones, Dan Dratch, AJ Stanford, and Ryan Wold brokered the transaction on behalf of both the buyer and seller.
Delray Gulfstream currently operates as a master lease for a very large local drug rehab company, providing the new ownership with immediate in place income, no fear of vacant units due to turnover, and minimal responsibilities, similar to a double net lease in retail.
“This property provided an excellent opportunity to acquire a well-maintained asset with guaranteed in-place income and a strong history of value appreciation,” said Jones. “Delray Gulfstream received six competitive offers, and we were very pleased to have closed near list price in this uncertain investment market during the COVID-19 pandemic.”
The garden-style community consists of 10 one-bedroom, one-bathroom units and two two-bedroom, two-bathroom units. Built in 1971, the property features central air conditioning, hurricane windows, on-site laundry, and surveillance cameras.
“This transaction shows that buyers aren’t just looking for distressed assets with a big value-add component,” said Dratch. “Well-maintained, income-producing assets with strong monthly cashflow in well-located areas are still in high demand by multifamily investors.”
At 268 NE 14th St., the property is situated just west of U.S. 1 / Federal Highway, within proximity to numerous retailers, restaurants, and major employers and less than half a mile from the beach.
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