Franklin Street has arranged the $11 million sale of Camelot West Apartments, a unique mixed-use property with 66 residential units and 7 commercial units, in the highly sought-after Wilton Manors submarket of Fort Lauderdale.
At $150,685 per unit, the sale marks the second highest per unit sales price of any similarly sized Wilton Manors multifamily property built in the 1960s. The highest priced property was sold in 2017, also by Franklin Street.
Franklin Street’s South Florida Multifamily Investment Sales Team of Dan Dratch, Ryan Wold, Greg Matus, and Travis Jones represented the seller, South Florida-based Tamuz Real Estate, in the transaction. The seller realized a 183% appreciation in value since acquiring the property in 2015 and implementing a value-add renovation program.
The buyer is Wilton Pointe Apartments, LLC, a local private investor who intends on continuing the beautification of the asset and capitalizing on its position within one of the strongest rental markets in South Florida. The Franklin Street Insurance Services Team of Evan Seacat, Ryan Cassidy and Alec Laetham insured the property under its previous owner and were able to seamlessly transition the same proprietary solution to the buyer.
“South Florida is one of the hottest Multifamily markets in the country. With limited developable land available for new construction, assets like Camelot West become even more attractive to investors,” said Dratch, Director of Multifamily Investments. “During the marketing of the asset we presented 15 competitive offers to the seller, which included a mix of offers from local and out of area investors.”
Camelot West Apartments’ residential units range from 700-square-foot one-bedroom, one-bathroom units to 1,000-square-foot three-bedroom, two-bathroom units. The property was 96% occupied at the time of sale.
Onsite amenities include a pool, laundry facility, leasing office and ample parking. Approximately 86% of the residential units have been renovated to with new tile floors, new kitchen cabinets, granite countertops and modern bathroom vanities and light fixtures. Recent exterior capital improvements include new A/C systems, an updated laundry room, a sprinkler system, pool resurfacing, professional video security system, parking lot resurfacing and new landscaping.
At 2625-2674 N. Andrews Ave., the property is blocks away from the popular Wilton Drive and Downtown Wilton Manors, and minutes from Downtown Fort Lauderdale and Fort Lauderdale Beach.
Franklin Street also represented Tamuz Real Estate in the sale of a 48-unit rental property in Pompano Beach within the last year.
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