Los Angeles-based Cochise Capital acquired a portfolio of four apartment complexes in Fort Lauderdale for a combined $10.3 million.
Fort Lauderdale-based ‘the Grand Capital’ was the seller of the four buildings with 43 units and 33,557 square feet in total. The price equated to $239,535 per unit for the apartments, which were 100% occupied.
Franklin Street’s Dan Dratch, Greg Matus, Travis Jones and Ryan Wold represented the buyers, who secured a loan of about $6.7 million over 10 years with assistance from Franklin Street’s Joseph Landsberg.
The brokers said the seller recently made $400,000 in capital improvements to the properties.
“This portfolio achieved strong per unit and per square foot pricing due its prime location in the Victoria Park submarket and proximity to downtown, Las Olas Boulevard and the beach,” Dratch said.
The portfolio consists of:
- Victoria Breezes, with 16 units at 701 N.E. 16th Ave. It was built in 1959 and it has a condominium ownership structure, although all of the units are owned by the same party and the building is operated as a rental.
- The Coco Palm, with 10 units at 312 N.E. 15th Ave. It was built in 1968 and last traded for $1.55 million in 2017.
- The Tennis Court Apartments with nine units at 627-631 N.E. 10th Ave. They were constructed in 1967 and previously sold for $1.2 million in 2018.
- The Ocean Breeze Apartments with eight units at 1725 N.E. Seventh St. Built in 1962, they last sold for $1.35 million in 2017.
This continues the trend of California companies investing in South Florida real estate this year.