The Carter Park Apartments in the Durrs neighborhood of Fort Lauderdale sold for $13.6 million and the buyer could make upgrades to the property.
BSD Carter Park LLC, an affiliate of Miami-based BSD Management, sold the 96-unit apartment complex at 700-745 N.W. 14th Terrace to MPG 700-745 LLC, an affiliate of Fort Lauderdale-based Metropolitan Property Group of Florida. The seller was represented by Franklin Street’s Dan Dratch, Greg Matus and Ryan Wold. The price equated to $141,667 a unit.
Carter Park last traded for $9.6 million in 2018, so it gained in value as rents increase across Broward County.
Franklin Street described it as a “Class C” apartment complex and said the buyer will likely perform upgrades in order to raise the rent.
“Carter Park Apartments offered a prime opportunity to acquire a well-located property in the heart of one of the fastest growing markets in Florida,” Dratch said. “Between the property’s existing upgrades and current market trends, the new owner has an opportunity to increase rents by approximately $200 per month. Long term, the property is also ripe for redevelopment as this submarket continues to transform.”
The apartment complex consists of 24 buildings totaling 62,150 square feet. It was built on the 4.84-acre site in 1958.
The area is a Federal Opportunity Zone, so investors may benefit from significant tax savings.