Franklin Street has arranged the sale of a 20-unit, waterfront multifamily property in Fort Lauderdale’s Harbordale submarket for $6.8 million. The pricing – considered top of market for a 1970s era property – equates to $340,000 per unit and $512 per square foot.
Franklin Street’s South Florida Multifamily Investment Sales Team of Ryan Wold, Dan Dratch and Greg Matus represented the seller, EGE Holdings, LLC, in the transaction.
The buyer is Cochise Capital, a Los Angeles-based investment firm with a growing presence in South Florida. In October 2021, the firm acquired a four-property apartment portfolio in Fort Lauderdale also marketed by Franklin Street.
The 13,320-square-foot property consists of 18 one-bedroom, one-bathroom units and two two-bedroom, two-bathroom units. Five of the 20 units were recently fully renovated with premium updates, including new hardwood flooring or tile, new kitchen countertops and cabinets and remodeled bathrooms.
The property also includes 14 boat slips that recently received a brand new electric panel. Other amenities include ample parking, a pool, waterfront views, tropical landscaping and a newly installed camera-based security system.
“The Mahalo Isles enjoys an irreplaceable waterfront location in one of South Florida’s most sought-after submarkets, making it a prime value-add opportunity,” said Wold. “Cochise Capital has an excellent opportunity to grow rents through continuing the renovations started by the previous owner. The property also has great potential for redevelopment in the future.”
At 1520 SE 15th St., The Mahalo Isles is situated on 0.72 acres on one of Harbordale’s exclusive isles, just two blocks away the 17th Street Causeway, which provides direct access to the world famous Fort Lauderdale Beach. It is also down the street from the renowned 15th Street Fisheries restaurant and a new Whole Foods-anchored mixed-use development with 244 Class A apartments.
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