FORT LAUDERDALE, FL-As rental rates rise and the South Florida multifamily vacancy rates drops below 5%, private investors get in the game, picking up small properties to either benefit from the upside of rental rates or join the condo conversion trend. In unrelated transactions, three small multifamily properties here and in Lake Worth and Hollywood, all built between 1925 and 1972, have changed ownership.

The priciest on a per-unit basis is the six-unit Valentina Apartments at 2110 Miami Rd. here. Felix Lapidus sold it for $870,000, or $145,000 a unit. It was constructed in 1971 and consists of two three-unit buildings on a 14,000-sf lot.

The price tag takes into account the property's zoning, "which offers the option of additional residential development," says David Luther, senior associate in the local office of Marcus & Millichap. "It's situated in a prime East Fort Lauderdale location." Luther marketed the property and found the buyer, who is unidentified.

At the other end of the per-unit price spectrum is a 17-unit property at 501-507 S Dixie Highway in Lake Worth. It traded for $825,000, or just over $48,529 a unit. The asset consists of four buildings, including two cottages and a duplex, which were constructed in 1925 and 1950.

The buildings have new roofs and the bedrooms and kitchens were recently upgraded, according to Matthew Kesterson, senior associate with Marcus & Millichap. He and Jonathan Thomas represented the seller, Jacob Lions, and secured the buyer, Tim Schwarz. The property was 100% leased at the time of the sale.

Anna Maria Apartments, a 14-unit property at 2331 Arthur St. in Hollywood, sold for just under $$1.2 million, or $82,143 a unit. It was built in 1972 and contains 10 one-bedroom and four two-bedroom units. Kenneth Giacco, senior associate, and David Bradley of Marcus & Millichap marketed it as a condo conversion opportunity. They represented the seller, Nicholas and Bessie Lambidis, and secured the buyer, Rod Schimko.