Franklin Street has brokered the $1.7 million sale of Victoria Park Villas, a 15-unit boutique multifamily community located at 1020 N Victoria Park Road in the upscale Victoria Park submarket of downtown Fort Lauderdale. The sale represents the third multifamily property sold by Franklin Street this year within the submarket.
Dan Dratch and Greg Matus of Franklin Street’s South Florida multifamily investment sales team represented the seller, South Florida-based 1020 LR, LLC, in the marketing of the property. The buyer, B2G Capital, LLC, is a South American-based investor who plans to completely reposition the asset and operate as a boutique hotel. Victoria Park Villas sold for $113,333 per unit and over $226 per square foot.
“Franklin Street’s marketing campaign generated several competitive offers,” said Dratch, senior associate at Franklin Street. “Our investment sales team’s marketing capabilities were able to secure an all cash deal with a foreign investor who saw the property’s value in one of Fort Lauderdale’s most sought-after neighborhoods. The sellers were pleased that the transaction closed in only 37 days after going under contract.”
“Fort Lauderdale continues to attract investors from all around the globe,” said Matus, senior vice president at Franklin Street. “The desire to live and vacation in South Florida is only getting stronger, which will continue to push the value of these types of assets.”
Built in 1968, Victoria Park Villas is conveniently located one block west of U.S. 1 in proximity to the downtown Fort Lauderdale financial district, Las Olas Riverfront and the Las Olas Boulevard shopping, dining and entertainment district. The property is also adjacent the increasingly popular Flagler Village area of downtown.