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.