Franklin Street secured the sale of Victoria Cottages, a 10-unit rental community located on 921-925 NE 17 Avenue in the Victoria Park submarket of Fort Lauderdale, Fla. The purchase price of $1.6 million, or $160,000 per door, represents one of the highest price per unit transactions for a similar vintage and asset class in Fort Lauderdale’s downtown urban core this year.
Franklin Street’s South Florida multifamily investment sales team, which included Dan Dratch and AJ Stanford, represented both the seller, BJS South Properties, LLC, and the buyer, Michael Ruble. Both parties are locally based private investors.
“The sale achieved a top of the market price in terms of price per unit and has exceeded the market in price per square foot when comparing similar-vintage properties,” said Stanford, senior associate of multifamily investment sales at Franklin Street. “This transaction shows that buyers aren’t only looking for distressed assets with a big value-add component. Well-maintained, income-producing assets with strong monthly cashflow in well-located areas are still in high demand by multifamily investors.”
Built in 1959, Victoria Cottages is located west of U.S. 1, just off Sunrise Boulevard. The 5,276-square-foot property is in proximity to Class A multifamily buildings, grocery stores, Holiday Park, and the Gateway Shopping Center.
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.