Sale is the highest per unit price in history in North Lauderdale.
PLANTATION, Florida (June 9, 2025) –
Franklin Street, one of the country’s fastest growing full-service commercial real estate firms, announces the sale of The Palms of North Lauderdale, a 30-unit condominium apartment property owned as individual condos since 1965. The Palms Residences, LLC bought the property from FM Properties, LLC, both local real estate companies, on June 3 for $9.3 Million representing $310,000 per unit and $326.00 per square foot, the highest per-unit sales price ever in North Lauderdale.
“Franklin Street was proud to represent both seller and buyer in the sale of The Palms,” Dan Dratch, regional managing director of Franklin Street South Florida, said. “We had significant interest in The Palms, due to the high income and minimal cost that will need to be put into the property. The sellers truly did a remarkable job and created an attractive asset for the buyer, creating a win-win for both of our clients”
The Palms of North Lauderdale is a condominium community located in the heart of North Lauderdale in Fort Lauderdale in Broward County. The Palms comprises two, two-story buildings on 1.75 acres and plans for 10 additional units have been approved for future growth. The seller of The Palms bought all the condominiums from the individual owners, fully renovated the buildings and in 2024 submitted plans with the city for additional units.
Capital improvements and renovations included new roofs, hurricane windows and doors, central A/C units, PVC plumbing, fiber ALI cameras, GFI- certified electric panels, internet and cable as well as interior renovations of kitchens and bathrooms and common areas. The Palms has 26 three-bedroom and two-bathroom units and four two-bedroom, two-bathroom units with approximately 28,500 square feet. The quality of renovations completed by the sellers allowed The Palms to achieve some of the highest rents in the market at $2,700 to $3,000 a month.
Dratch led the sales team along with Franklin Street Director Ryan Wold. Franklin Street’s Jacob Lipoff also secured the insurance for the property buyer.
The Palms is located just a few blocks south of Coral Square Shopping Mall, northeast of Chase Stadium and at the intersection of N. Lauderdale Ave. and SW 7th Place. The Palms is within walking distance of newly built retail and restaurants and is surrounded by new Class-B apartment communities.
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 lines of business, Franklin Street has grown to include seven business 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. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.
