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 percent appreciation in the property’s value with this sale.
“We have seen significant interest in properties located in Opportunity Zones” said Matus, Senior Vice President of Investment Sales. “The federal program provides investors with significant tax benefits.”