Franklin Street has arranged the sale of a 48-unit value-add multifamily property in Lauderdale Lakes, a submarket of Fort Lauderdale, for $6.95 million or $144,791 per unit. The 1972-built property, called Newcastle Apartments, was 100 percent occupied at time of sale and offers immediate upside through rent growth.
Franklin Street’s Dan Dratch, Greg Matus, Travis Jones, Ryan Wold and Oscar Banegas with the firm’s South Florida Multifamily Investment Sales Team, represented Colin O’Keefe and Guy Holbrook of Tidegate Capital in the disposition. The buyer is South Florida-based Alejandro Gershanik of BM2 Realty.
Newcastle Apartments features an attractive unit mix of 35 two-bedroom, two-bathroom apartments and 13 one-bedroom, one-bathroom apartments. All units feature private balconies.
“Based on comparable properties in this submarket, the Newcastle Apartments sale at $144,791 per unit represents the highest price per unit sale in Lauderdale Lakes,” said Dratch. “This was achievable due to the immediate potential to increase rents. The buyer will be able to capitalize on the hottest rental market we have ever seen in South Florida.”