FORT LAUDERDALE, FL—Investor appetite for vintage apartment buildings is steady. A Pompano Beach multifamily complex built in 1958 has found a new owner.
A limited liability company from Pompano Beach snapped up a 97-unit multifamily property in its backyard for $2.9 million. The multifamily asset is located at 930 NW 9th Avenue in Pompano Beach.
Marcus & Millichap senior associates Derek R. Gibbs and mDaniel J. Cunningha, along with vice president of Investments Tal I. Frydman in the Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami. The trio also secured the buyer.
“The strengthening debt market has increased demand for larger apartment buildings as investors are able to take advantage of historically low interest rates and see a better cash-on-cash return and hedge against inflation,” Gibbs says. “Compared to most multifamily buildings in the area which have under 50 units, Parkside Apartments provided the buyer an opportunity to obtain a critical mass of units in one investment.”
The Parkside Apartments was constructed between 1958 and 1959 and offers seven two-story multifamily buildings with 97 units on a 2.38-acre site. The unit mix consists of 18 studio units, 51 one-bedroom/one-bathroom units and 28 two-bedroom/one-bathroom multifamily units.
“The buyer, who owned other properties in the area, was expanding his portfolio and the seller wanted to move their equity into larger apartment buildings in Tampa and Orlando,” Gibbs says. The neighborhood is home to mostly small apartment buildings and single-family residences and is directly to the north of Blanche Ely High School, Hopewell Pre-school Academy, and Sanders Park Elementary School.