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.