Media Realty Closes Off-Market Sale Of 10-Building Mid-Core Apartment Portfolio

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.