Normandy Apartments sold for $128,167 per unit
Franklin Street brokered the sale of Normandy Apartments, a 30-unit multifamily property in Pompano Beach, Florida.
Franklin Street’s Fort Lauderdale team, Dan Dratch, Greg Matus and AJ Stanford represented the seller, Maven Real Estate and the buyer, Axiom Holdings, both local private investors, in the $3,845,000 transaction.
Franklin Street’s Evan Seacat, Ryan Cassidy and Alec Laetham provided insurance for the new buyer.
“There is no shortage of demand for value-add assets in South Florida,” said Dan Dratch, Director for Franklin Street. “Investors are looking for well-located real estate that has a value-add component where they can push the rents through a beautification of the property. Because of the competitive market we are in, new buyer cap rates are compressing while pro forma numbers still look appealing to multifamily investors.”
Normandy Apartments is located at 1751 NE 31ST Street in Pompano Beach, Florida. Built in 1964 using reinforced concrete block construction with painted stucco exterior, the highly attractive unit-mix includes (4) studios, (22) one-bedroom & one-bath apartments, and (4) two-bedroom & one-bath apartments, totaling approximately 16,700 RSF.
About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions - Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.
