Franklin Street’s South Florida office brokered the sale of Bayside Manor, a 9-unit rental community in Pompano Beach, Fla., just to the north of Fort Lauderdale. The property is located on 2205 SE 7th Street in northern Broward County. The purchase price of $1.36 million, or $151,111 per door, represents a record sale price per door for 1950s-vintage, traditionally-leased apartment properties in the Pompano Beach area.
Franklin Street’s Dan Dratch and Greg Matus represented the buyer, Bayside Manor, LLC, a locally-based real estate investment group, and the seller, 7th Street Holdings, LP, in the transaction. Franklin Street’s Alec Laethem provided insurance services for the asset.
“Bayside Manor was a completely vacant investment asset with zero income that sold solely based on proforma rents,” said Dratch, senior associate for multifamily investment sales. “The Pompano Beach multifamily market is trending up in terms of price per unit, cap rates are going down, and rental demand continues to grow. This transaction also demonstrates the premium that investors will pay for assets near water and downtown areas.”
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.