FORT LAUDERDALE (December 5, 2018) – Franklin Street has brokered the $1.7 million sale of Victoria Park Villas, a 15-unit boutique multifamily community located at 1020 N Victoria Park Road in the upscale Victoria Park submarket of downtown Fort Lauderdale. The sale represents the third multifamily property sold by Franklin Street this year within the submarket.

Dan Dratch and Greg Matus of Franklin Street’s South Florida multifamily investment sales team represented the seller, South Florida-based 1020 LR, LLC, in the marketing of the property. The buyer, B2G Capital, LLC, is a South American-based investor who plans to completely reposition the asset and operate as a boutique hotel.  Victoria Park Villas sold for $113,333 per unit and over $226 per square foot.

“Franklin Street’s marketing campaign generated several competitive offers,” said Dratch, senior associate at Franklin Street. “Our investment sales team’s marketing capabilities were able to secure an all cash deal with a foreign investor who saw the property’s value in one of Fort Lauderdale’s most sought-after neighborhoods.  The sellers were pleased that the transaction closed in only 37 days after going under contract.”

“Fort Lauderdale continues to attract investors from all around the globe,” said Matus, senior vice president at Franklin Street.  “The desire to live and vacation in South Florida is only getting stronger, which will continue to push the value of these types of assets.”

Built in 1968, Victoria Park Villas is conveniently located one block west of U.S. 1 in proximity to the downtown Fort Lauderdale financial district, Las Olas Riverfront and the Las Olas Boulevard shopping, dining and entertainment district. The property is also adjacent the increasingly popular Flagler Village area of downtown.

ATLANTA, GA – Franklin Street arranged the sale of Central Park Apartments, multifamily community located on 582-614 Roberts Drive in the city of Riverdale, approximately 10 miles south of Atlanta.  The purchase price of $4.6 million, represents the highest cost per door recorded this year for an unrenovated 1970s-era multifamily property in the Riverdale submarket.

Franklin Street’s Atlanta multifamily investment sales team, which included Jake Reid and Roger Schoerner, represented the seller, a locally-based private investor.  The buyer is a Texas-based private equity group with additional holdings in Georgia.

“This transaction reflects the recent additional investment in neighborhoods with a heavier density of workforce housing that are experiencing rent growth above the market average,” said Reid.  “The buyer recognized the property’s value-add potential in one of the strongest rent growth markets in the metro Atlanta area. The sales price also sets a new benchmark for similar vintage assets in the Riverdale market.”

Built in 1972, Central Park Apartments is centrally located between I-285 and I-85 and offers a mix of townhome and garden-style 2-bedroom units. The property features large floor plans, walk-in closets, washer and dryer connections, as well as private balconies and patios.

Fort Lauderdale, FL (August 7, 2018) – Franklin Street arranged the sale of Waters Edge Apartments, a 16-unit rental community in the South Florida city of Wilton Manor.  The property is located on 550 NE 20th Street in Fort Lauderdale’s Wilton Manors submarket.  The purchase price of $2.5 million, or $156,250 per door, represents the highest cost per door recorded this year for a multifamily property in the Wilton Manors area.

Franklin Street’s South Florida multifamily investment sales team, which included Greg Matus, Dan Dratch and AJ Stanford, represented the seller, a locally based private investor.  The sale price for Waters Edge is almost 20 percent higher than the 2018 market average.

“This purchase continues to prove that there is no shortage of interest for well-located, value-add multifamily opportunities in South Florida,” said Matus, senior vice president of investment sales at Franklin Street.  “Through Franklin Street’s exclusive marketing campaign, we delivered 17 competitive offers for the sellers and were able to close the deal within 8 percent of the list price.”

“In order to produce such positive results for a seller, it is imperative to have significant activity on the listing,” said Dratch, senior associate. “Franklin Street’s multiple lines of business provides us with a broader reach of clients.  Our team did an outstanding job of bringing buyers to the property, pushing the value of the asset, and providing the most amount of exposure for our client.”  

Built in 1965, Waters Edge Apartments is 100 percent occupied and offers a mix of 2-bedroom/1-bath and 1-bedroom/1-bath apartment units. The property featured balconies for the second story apartments and courtyards for the ground floor units, all with a waterfront view.

Miami, FL (May 31, 2018) – Franklin Street secured the sale of West Havana Gardens Apartments, an eight-unit rental community in Miami, Florida.  The property is located on 324 SW 19th Avenue in Miami’s Little Havana submarket.  The purchase price of $980,000, or $279.28 per square foot, represents the second highest PSF price for a 1930s-era multifamily property sold in Little Havana. In addition, at $122,500 per door, the asset traded for approximately $7,000-$8,000 above the average per unit sales price of a similar multifamily investment property that traded within the last six months.

Franklin Street’s South Florida multifamily investment sales team, which included Hernando Perez and Oscar Banegas, represented the seller, 324 SW 19th Avenue, LLC, and secured the buyer. Both are private investors with properties throughout South Florida.  The team generated multiple offers from qualified buyers. The property was marketed for 21 days before it went under contract and closed with an all-cash buyer in 28 days after going under contract.

“We were first introduced to the seller through Franklin Street’s Insurance Services team, led by Evan Seacat and Ryan Cassidy, who insured the asset and significantly lowered the clients’ premiums, greatly increasing the value of  their real estate investments,” said Perez, Director of Multifamily Investment Sales at Franklin Street.  “When the investor decided to sell his Little Havana asset, our established business relationship and market expertise helped us earn the client’s business and secure the exclusive listing. It’s a perfect example of how our collaborative platform is designed to work and adds value to our clients’ business.”

“We received multiple competitive offers in just three weeks after marketing the asset, which shows that there is strong demand from multifamily investments and investors are willing to pay top dollar for these opportunities,” said Banegas, Investment Sales Associate. “Due to Franklin Street’s proactive national marketing campaign, we were able to source the most aggressive buyer and close the transaction in a compressed timeframe, approximately 90 days faster than the average sales time frame for similar buildings in the Little Havana submarket.”  

West Havana Gardens Apartments is 100 percent occupied and offers a mix of 2-bedroom/1-bath and 1-bedroom/1-bath apartment units. The property is well-situated on a corner lot and includes onsite parking, plus a laundry facility. Four of the units feature a “loft style” feel with high ceilings.