Franklin Street arranged the sale of two apartment properties totaling 22 units located just a few miles north of downtown Fort Lauderdale, Fla. The properties – Villas on 18th in Fort Lauderdale and Lanai Apartments in nearby Oakland Park – were brokered by the Franklin Street multifamily investment sales team of Dan Dratch, Greg Matus and A.J. Stanford.
• Lanai Apartments – Franklin Street represented the buyer, Oakland Park, Fla.-based Banta Properties, and the seller, Lanai Apartments, LLC, in the transaction of a 14-unit apartment community at 4431 NE 20th Ave in Oakland Park for $1,847,500 or $131,964 per unit.
• Villas on 18th – Franklin Street represented the buyer, Reinaldo Gonzalez, a local private investor, and the seller, Boca Raton, Fla.-based Maven Real Estate, in the sale of an 8-unit rental community at 5211-5221 NE 18th Avenue in Fort Lauderdale for $1,025,000 or $128,125 per unit.
“There is no shortage of demand for value-add assets in South Florida,” said Dratch, senior associate for Franklin Street. “Rents continue to go up and investors continue to improve neighborhoods, allowing properties to achieve higher rents than ever before. New buyer cap rates are compressing while pro forma numbers still look appealing to multifamily investors.”
“Price per units are increasing as apartment owners are flocking to distressed corridors to invest money and revamp neighborhoods,” said Matus, senior vice president for Franklin Street. “The Villas on 18th sale achieved a top of the market price in terms of cost per unit. This value-add deal was $10,000 per unit higher than the previous market high transaction in the Coral Ridge Isles area of Fort Lauderdale.”
Built in 1972 and 1962 respectively, Lanai Apartments and Villas on 18th feature a mix of one-bedroom and two-bedroom units. The new owners intend to add value by renovating the units and making additional property improvements and upgrades.
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.