Franklin Street arranged the sale of two two-story apartment buildings totaling 41 units in the downtown area of Hollywood, Fla. The buyer, Aspring, Inc., paid $5.483 million for the Van Buren Street Apartments portfolio, which equates to $133,731 per unit or $210.88 per square foot. The sale represents the second highest price per door for a Class C, traditional multifamily rental property sold in Hollywood’s downtown urban core since 2015. The two recently-renovated buildings together have 26,040 square feet and are 100 percent occupied.
“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 Hernando Perez, director of multifamily investment sales for Franklin Street. “Our national marketing campaign generated over 40 investor tours and a multitude of offers within 30 days of listing the asset. This was a highly competitive transaction, which reflects increased investor demand for multifamily investments due to the robust fundamentals of the tri-county apartment rental market.”
Mr. Perez and Dan Dratch listed the properties on behalf of the seller, Purplecow, LLC, a local private equity fund, and secured the buyer, a family office/corporation based in South Florida.
The properties are located at 2401 and 2435 Van Buren Street and feature a mix of studio, one-bedroom and two-bedroom units. Built in 1968 and 1988, Van Buren Street Apartments underwent a rehab, which included 60 percent of the kitchens and baths, along with other interior and exterior renovations and general property improvements. The new owners intend to add value by renovating the remaining 40 percent of the units and making additional property improvements and upgrades. This is the second transaction closed by Franklin Street in the Hollywood submarket since September 2018.
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