Franklin Street secured the sale of Lee Street Apartments, a 12-unit rental community located on 1958 Liberty Street in the Hollywood submarket of Fort Lauderdale. The purchase price of $1.3 million, or $185.08 per square foot, represents one of the highest price per square foot transactions for a similar vintage and asset class in Hollywood’s downtown urban core this year.
Franklin Street’s South Florida multifamily investment sales team, which included Hernando Perez, Dan Dratch and Oscar Banegas, represented both the seller, Lee Street Apartments, LLC, and the buyer, 1958 Liberty St., LLC. Both parties are locally-based private investors.
“South Florida’s robust population and job growth, combined with the lack of affordable single-family homes, continue to push the demand for rentals,” said Perez, director of multifamily investment sales at Franklin Street. “This was a highly competitive transaction with Franklin Street’s marketing campaign generating multiple offers immediately after listing the asset.”
Built in 1967, Lee Street Apartments is located just blocks from US-1 in Hollywood’s Royal Poinciana neighborhood. The owner recently renovated approximately 80 percent of the units with new kitchen cabinets, bathrooms, water heaters and impact resistant windows.