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.