Franklin Street brokered the sale of Normandy Apartments, a 30-unit multifamily property in Pompano Beach, Florida.
Franklin Street’s Fort Lauderdale team, Dan Dratch, Greg Matus and AJ Stanford represented the seller, Maven Real Estate and the buyer, Axiom Holdings, both local private investors, in the $3,845,000 transaction. Franklin Street’s Evan Seacat, Ryan Cassidy and Alec Laetham provided insurance for the new buyer.
“There is no shortage of demand for value-add assets in South Florida,” said Dan Dratch, Director for Franklin Street. “Investors are looking for well-located real estate that has a value-add component where they can push the rents through a beautification of the property. Because of the competitive market we are in, new buyer cap rates are compressing while pro forma numbers still look appealing to multifamily investors.”
Normandy Apartments is located at 1751 NE 31ST Street in Pompano Beach, Florida. Built in 1964 using reinforced concrete block construction with painted stucco exterior, the highly attractive unit-mix includes (4) studios, (22) one-bedroom & one-bath apartments, and (4) two-bedroom & one-bath apartments, totaling approximately 16,700 RSF.