Pompano Beach, Fla. (January 6, 2020) – Franklin Street brokered the sale of Pinecrest Pointe Apartments, a 48-unit rental property located at 295–395 SW 15th Street in the city of Pompano Beach, just to the north of Fort Lauderdale, Fla. 

Franklin Street’s South Florida multifamily investment sales team, which included Dan Dratch, Greg Matus and A.J. Stanford, represented the seller and the buyer, both local private investors, in the $6.15 million transaction.  The asset traded for $128,125 per unit.  Franklin Street Insurance Services’ Ryan Cassidy and Evan Seacat insured the asset.

“This sale achieved a top of the market price in terms of price per unit,” said Dratch, senior associate for Franklin Street. “The asset received multiple offers immediately after hitting the market, which is a clear signal that investor interest remains high for value-add apartment properties.”   

Pinecrest Pointe is conveniently located on the border of Fort Lauderdale and Pompano Beach, and offers direct access to major roadways including S. Cypress Road, US 1 and I-95. The property features recent upgrades including new tile flooring, renovated kitchens and bathrooms, roofs, HVAC system, exterior plumbing and a security camera system.

Hallandale Beach, Fla. (December 5, 2019) – Franklin Street brokered the sale of Park Terrace Apartments, a 14-unit rental property located in the Hallandale Beach submarket of Fort Lauderdale, Fla.  Franklin Street’s Hernando Perez represented the seller, Florida-based 324 SW 19th Avenue, LLC, in the $2.225 million transaction.  Over the past three years, Franklin Street has brokered more than $920 million in multifamily investment sales transactions nationwide.

The buyer, a local private investor, paid $158,928 per unit or $203.79 per square foot, making it the highest per square foot value for a 1960s property sold in  Broward County’s Hallandale Beach area since 2007.  Franklin Street’s Ryan Cassidy and Evan Seacat provided insurance for the asset.

“South Florida’s strong population and job growth, combined with the lack of affordable single-family homes, continue to push the demand for apartment rentals,” said Perez, director of multifamily investment sales for Franklin Street. “The asset received multiple offers immediately after hitting the market due to its attractive unit mix, AAA-rated location and ongoing redevelopment at the renowned Diplomat Golf & Tennis Club nearby.”   

Built in 1966, Park Terrace Apartments is situated at 915 NE 8th Street, just east of Federal Highway/US 1 and south of Atlantic Shores Boulevard. The property features a mix of large one-bedroom and two-bedroom units. The building was recently upgraded with new kitchen cabinets including modern appliances, bathroom vanities, fixtures and tile work throughout.

Fort Lauderdale, Fla. – Franklin Street secured the sale of Victoria Cottages, a 10-unit rental community located on 921-925 NE 17 Avenue in the Victoria Park submarket of Fort Lauderdale, Fla.  The purchase price of $1.6 million, or $160,000 per door, represents one of the highest price per unit transactions for a similar vintage and asset class in Fort Lauderdale’s downtown urban core this year.

Franklin Street’s South Florida multifamily investment sales team, which included Dan Dratch and AJ Stanford, represented both the seller, BJS South Properties, LLC, and the buyer, Michael Ruble. Both parties are locally based private investors. 

“The sale achieved a top of the market price in terms of price per unit and has exceeded the market in price per square foot when comparing similar-vintage properties,” said Stanford, senior associate of multifamily investment sales at Franklin Street.  “This transaction shows that buyers aren’t only looking for distressed assets with a big value-add component. Well-maintained, income-producing assets with strong monthly cashflow in well-located areas are still in high demand by multifamily investors.”

Built in 1959, Victoria Cottages is located west of U.S. 1, just off Sunrise Boulevard. The 5,276-square-foot property is in proximity to Class A multifamily buildings, grocery stores, Holiday Park, and the Gateway Shopping Center.

Bradenton, Fla. (October 8, 2019) – Franklin Street has closed the sale of Eden Pointe Apartments, a 270-unit affordable housing community located at 955 53rd Street East in the Bradenton submarket of Tampa, Fla., for $30.75 million, or $113,888  per unit.  Darron Kattan, Kevin Kelleher, Zachary Ames and Avery Jordan with Franklin Street’s Tampa multifamily investment sales team represented the seller, San Francisco-based Eden Pointe, LLC, and the Springfield, Mass.-based buyer, Deancurt Bradenton II, LLC, both private investment groups, in the transaction. The property has an existing Land Use Restriction Agreement (LURA) that will expire in December 2025.

“Eden Pointe is a rent/income restricted community, which made this a highly competitive transaction,” said Kattan, managing director for Franklin Street.  “Demand remains strong for all multifamily asset classes, but investors have become increasingly interested in affordable housing deals most recently. We ended up with a bidding competition with buyers ranging from institutions all the way down to private family companies.  The buyer chosen did a quick closing with a significant non-refundable deposit and was selected despite not having the top price of the final bids.”

Built in 1995, Eden Pointe features a mix of one, two and three-bedroom units and was 100 percent occupied at the time of sale. Bradenton is located approximately 46 miles northeast of Tampa.

Fort Lauderdale, Fla. – Franklin Street arranged the sale of North Cornerside Apartments, a five-unit rental property located at 1751 NE 56th in the Coral Ridge Isles neighborhood of Fort Lauderdale, Fla. 

Franklin Street’s South Florida multifamily investment sales team, which included Dan Dratch, Ryan Wold and A.J. Stanford, represented both the seller, Florida-based Maven Real Estate, LLC,  and the buyer, a local private investor, in the $696,000 transaction.  The asset traded for $139,200 per unit, making it the highest per unit values ever sold for a 1960s property in Fort Lauderdale’s Coral Ridge Isles area. 

“This sale achieved a top of the market price in terms of price per unit,” said Dratch, senior associate for Franklin Street. “North Cornerside sold being a value-add deal for $21,200 per unit higher than the last top-of-the-market transaction. The asset was put under contract over the weekend of initially hitting the market, which is a clear signal that investor interest remains high for value-add apartment properties.”   

Built in 1965, North Cornerside Apartments is conveniently located west of US-1, north of Commercial Boulevard and directly east of Dixie Highway. The new owners intend to add value by renovating the units and making additional property improvements and upgrades.

ATLANTA – Franklin Street has arranged the $41.875 million sale of the 335-unit Lenox apartment portfolio, located along Lenox Road NE and Woodland Avenue near the Morningside-Lenox Park neighborhood of Atlanta, Ga. 

Jake Reid, Chad DeFoor, and Roger Schoerner of Franklin Street’s Atlanta multifamily investment sales team sold the apartment portfolio to a joint venture between Atlanta-based Tenth Street Ventures and Braden Fellman Group. 

“This portfolio represents the ideal in-town value-add investment property,” said Reid, senior director for Franklin Street. “Affordable, urban, value-add opportunities are diminishing, given rising replacement and labor costs.”

This is one of many recent acquisitions into urban Atlanta by Tenth Street. The firm also recently acquired properties in Midtown Atlanta, Decatur and Buckhead.

“Atlanta is one of the most affordable major cities in the United States relative to job growth and job talent,” said Brian McCarthy, principal of Tenth Street.  “We expect immense growth in the Southeast and Atlanta.”

“We are implementing return strategies through condominium sales, tenant revenue sharing, and traditional value-add opportunities,” added McCarthy.  “The focus is on live, work, and play communities and finding underserved experiences for the tenant and customer.”

“Tenth Street has been able to execute in a highly competitive market through a creative approach to investing,” said Reid.