A 70-unit multifamily property, Fairmont & Northdale, has sold for $6.7 million, or $95,714 per door.
Matthew Jacocks, MSIRE, Sales Director with Capital Commercial Real Estate Group, Inc. represented owners Constantin & Viorica Foca in the sale of the two-building property, located at 1120 and 1140 NE 9th Ave. in Fort Lauderdale.
The price represents a record transaction for comparable properties in the area, according to a release.
“One of the obstacles we encountered when we brought this asset to market in March was trying convey to buyers what we viewed as an excellent stabilized investment opportunity with additional upside, commented Jacocks. “It was difficult at first to get buyers to believe in the area, then agree with our valuation. However, once the buyers saw our vision with the asset, coupled with aggressive financing terms secured through Vista Pointe Partners, they were excited to have been able to make the acquisition. This was a win for all parties involved.”
“In this highly desirable multifamily market, numerous lenders competed vigorously to supply the financing. Through our extensive resources, we were able to solicit offers from a large and varied field and ultimately secured a lender that offered 80% LTV, with 30 years amortization and a fixed rate just above 4%,”added Doug Thompson, CFA, President of Vista Pointe Partners.”
The buyer, Fairmont Properties, LP, was represented One Sotheby’s International.
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