MIAMI—In what marks a new sales record for the area, First Street Apartments, also known as North Fork Gardens, has traded hands. The 65-unit apartment community sits on Northwest 1st Avenue in the Dorse Riverbend submarket of Fort Lauderdale.

The purchase price of $6.9 million, or $107,000 per unit. This represents an 82% appreciation in value above the $3.8 million price paid for the property in 2015.

Franklin Street's multifamily investment sales team, which included Hernando Perez, Greg Matus, Dan Dratch and Kameron Djamal, along with the director of Capital Markets for Franklin Street Tony Gannacone, represented both the buyer, City View Colony, LLC and the seller, First Ave. Apartments, LLC. Both are locally-based investors with properties throughout South Florida. Franklin Street's Insurance Services team, led by Evan Seacat and Ryan Cassidy, insured the asset for the seller.

“The South Florida multifamily market is incredibly competitive right now,” Matus, senior vice president at Franklin Street, tells GlobeSt.com. “There is only a limited supply of investment properties and an incredibly high demand for them. Due to that fact, we received more than 10 strong offers in just the first two weeks of bringing the asset to the market.”

The previous owner purchased the asset in 2015 and, over the past 15 months, added value by investing over $250,000 in interior and exterior capital improvements to reposition and stabilize the property. In doing so, the asset became the prized property in the area with the highest rents in the immediate market. (This off-market multifamily transaction speaks volumes.)

The new owner has a detailed plan to further upgrade the interior of the units, repurpose the existing manager's office into a fitness center and add a media room with computers for tenants. The goal is to continue to add value and to capitalize on the increasing rents in Broward County.

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“Because the property was such a standout in its market, it was a challenge to find rent and sales comps that would justify the asking price per door,” says Dratch, an investment associate at Franklin Street. “However, we had incredible interest in the property from all our clients, and so we were able to put the asset under contract just two weeks after going to market.”

The purchase price of $6.9 million, or $107,000 per unit. This represents an 82% appreciation in value above the $3.8 million price paid for the property in 2015.

(What impact is President Trump's administration making on the multifamily market? Here's one take.)

Instant Insights /

Multifamily Sale Sets New Record in Fort Lauderdale Submarket

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