Media Realty and Advisors,Inc. agent Inbal Ruiz represented buyers in the off-market sale of a 10-building mid-core apartment portfolio with assets located in Fort Lauderdale, Wilton Manors and Lauderdale-by-the-Sea.
Buyers Maor Ben Ami and Salomon Kalkaji purchased the portfolio, which totals 117 units, for $16 million. The sale price equates to $136,750 price per unit; $200 per square foot; and a 4.8% capitalization rate.
The following assets were included in the sale:
- 2649 Middle River Dr.
- 4655 Bougainvilla Dr.
- 917 NE 22 Dr.
- 901 NE 16 Ave.
- 1100 NE 12 Ave.
- 1227 NE 11 Ave.
- 1150 NE 17 Ct.
- 1151 NE 17 Ct.
- 1401 NE 17 Ct.
- 737 NE 7 Ave.
“This transaction speaks to the strength of the Fort Lauderdale residential marketplace as the $16 million acquisition was positioned as a value add,” commented Peter Dacko, CEO of Media Realty. “Frankly speaking, the mid-core asset class represents some of the best opportunities in South Florida. I believe we will continue to witness a migration of equity into this marketplace for the foreseeable future, which will continue to strengthen our economy.”
The sellers, Richard Emmert and DF&B Properties LLC, represented themselves in the transaction.
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