BROWARD COUNTY, FL – Franklin Street has arranged the sale of a 180-unit value-add apartment community in South Florida for $18.8 million, or $104,444 per unit. The community is located in a federally identified Opportunity Zone in Lauderhill, just outside Fort Lauderdale.
Franklin Street’s South Florida Multifamily Investment Sales Team of Dan Dratch, Greg Matus, Michael Dolgos and Travis Jones brokered the transaction on behalf of the buyer and seller. The buyer is Miami-based real estate investment firm Treevita, which focuses on value-add commercial and multifamily properties. The seller is an affiliate of KVR Properties, an investment and property management firm headquartered in Fort Lauderdale. KVR originally acquired the asset in 2007 and realized a 32% appreciation in the property’s value with this sale.
The apartment community is located at 5411 NW 27th St., just west of Florida’s Turnpike, with ease of access to I-95, I-595, I-75 and the Sawgrass Expressway. The property sits on 7.19 acres and consists of 18 two-story buildings totaling approximately 175,500 square feet.