The 22-unit, 1970s-built, mid-rise multifamily property achieved record per unit pricing
BROWARD COUNTY, FL (March 4, 2021) — Franklin Street has arranged the sale of Riverside Beach Apartments, a 22-unit, mid-rise multifamily community in the heart of the South Florida’s Pompano Beach submarket. The property sold for $4.77 million, or $216,818 per unit – the highest per unit price for any 1970s-built multifamily asset in Pompano Beach.
Franklin Street’s South Florida Multifamily Investment Sales Team of Dan Dratch, Greg Matus, Travis Jones and Ryan Wold arranged the sale on the behalf of the seller, BH3. Franklin Street’s Capital Advisory team secured the loan for the buyer, Cochise Capital, a West Coast investor entering the South Florida market.
At 116 S. Riverside Drive, Riverside Beach Apartments is situated on 0.54 acres of land between the Atlantic Ocean and intracoastal. The asset is conveniently located east of US-1, south of Atlantic Boulevard and directly west of A1A. It is also within walking distance of the world-famous Pompano Beach and a short drive to downtown Fort Lauderdale.
The property has historically operated as a short-term vacation rental under the name “Riverside Resort.” The interior units have been completely renovated with premium finishes. Property amenities include a resort-style pool with waterfall, elevator access to rooms and on-site laundry.
“Riverside Beach Apartments offered the opportunity to acquire an unbelievably located, turn-key asset steps away from the beach,” said Dratch. “We are pleased to have achieved record pricing for this asset on a compressed time frame that involved successfully removing contingencies in just 15 days.”
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. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.