FORT LAUDERDALE, FL – Franklin Street has arranged the sale of Marina Townhomes, a 24-unit, 38,800-square-foot, waterfront multifamily property in Fort Lauderdale, for $7.8 million, equating to $325,000 per unit. The transaction marks the first time the value-add, 1983-built property has ever traded hands.
Franklin Street’s South Florida Multifamily Investment Sales Team of Ryan Wold, Dan Dratch and Greg Matus arranged the transaction on behalf of both the seller, the Hewlett Family, and the buyer, F Advance Acquisitions, LLC. Franklin Street Director of Capital Advisory Joseph Landsberg, secured a 10-year loan with 5 years of interest only at 5.55% with a step down prepay from a regional lender for the buyer, while Evan Seacat with Franklin Street Insurance Services secured the insurance.
Built in 1982, the property underwent extensive capital improvements in 2015 including all new central A/C units, air duct replacements, and new impact windows, front entrance doors and rear sliding doors for all units.
Marina Townhomes comprises 24 units consisting of all two-story, three-bedroom and two-bathroom townhouse style units.
“Marina Townhomes’ desirable waterfront location combined with its attractive unit makeup of all three-bedroom units make this property a strong value-add investment in South Florida,” said Wold. “After holding on to this asset for over 40 years, our client was able to realize a significant return, even under changing market conditions. Further, because Franklin Street assisted with the loan and insurance for the buyer, the transaction was a smooth and profitable process for all parties involved.”
“Securing attractive financing for foreign investors can be tricky, especially in today’s market when the banking world is more conservative in this regard,” said Landsberg. “Franklin Street leveraged our top banking relationships to secure an extremely favorable loan allowing our client to enjoy top-tier lending terms and be able to build a relationship with a great lending partner, where they may not have been able to otherwise.’’
Located at 311 Gulfstream Road, the property is situated on a 1.79-acre lot, providing access to numerous retailers as well as many major highways, such as US-1. It is also minutes away from world-famous Dania Beach and the boardwalk of Margaritaville.
“We had the pleasure and opportunity to work with the various lines of business (insurance, capital markets, and brokerage) that Franklin Street offers. I can only speak highly of how each team member added value to the transaction and would recommend them to anyone in the industry,” said Demian Perelmuter.
About F Advance Capital: F Advance Capital is a private equity real estate investment firm based in Miami, FL. Led by Demian Perelmuter, F Advance focuses on the acquisition and management between $5M and $30M of multifamily properties across Florida with a focus on the tri-county area. F advance continues to grow in the South Florida market and it is continuously in search of new acquisitions.
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 $7 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 firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.