In what marks a new sales record for the area, First Street Apartments, also known as North Fork Gardens, has traded hands. The 65-unit apartment community sits on Northwest 1st Avenue in the Dorse Riverbend submarket of Fort Lauderdale.
The purchase price of $6.9 million, or $107,000 per unit. This represents an 82% appreciation in value above the $3.8 million price paid for the property in 2015.
Franklin Street’s multifamily investment sales team, which included Hernando Perez, Greg Matus, Dan Dratch and Kameron Djamal, along with the director of Capital Markets for Franklin Street Tony Gannacone, represented both the buyer, City View Colony, LLC and the seller, First Ave. Apartments, LLC. Both are locally-based investors with properties throughout South Florida. Franklin Street’s Insurance Services team, led by Evan Seacat and Ryan Cassidy, insured the asset for the seller.