48-Unit Multifamily Portfolio Closes for $7.25MM in Oakland Park-Fort Lauderdale, FL
MIAMI, Florida—June 11, 2021 – Lee & Associates South Florida announces the sale of a 48-Unit Multifamily Portfolio located at 999 & 1007 W Prospect Road in Oakland Park-Fort Lauderdale, Florida. The portfolio sale closed on May 26th, 2021 for $7,250,000.
Lee & Associates South Florida Principal, Matthew Jacocks, and Senior Vice President, Patrick Montelus, represented the Seller, Schulman Properties, LLC, and the Buyer, Jass 2, LLC. After extensively consulting the seller through value-add strategies including a conversion for one of the buildings in the multifamily portfolio from a sober living facility to market rate units, Matthew and Patrick were able to procure multiple offers for the buildings during the height of uncertainty through the ongoing COVID-19 pandemic. The deal ultimately closed with an all-cash offer and quick closing terms at the record price for the Oakland Park area for a property of its class at $151,041 per unit, $197.62 per square foot.
The 48-Unit multifamily portfolio consists of two contiguous parcels separated by NW 10th Avenue, both fronting the main thoroughfare of W Prospect Rd at the I-95 overpass for excellent visibility and accessibility in the Oakland Park community. The parcels total 1.89 acres and include three apartment buildings with all two bedroom/one bathroom units. The property features several desirable tenant amenities including a pool, laundry facilities, cabana area, courtyard garden and 74 surface parking spaces.
As the South Florida market continues to ease out of pandemic conditions, the multifamily sector in the region has experienced a significant increase in activity as demand for both housing and investment product remains high. The Seller, Schulman Properties, LLC, is currently working on several large multifamily development projects in the South Florida market, and has also just recently closed another record deal in the Las Vegas, Nevada market for $115MM.
Matthew Jacocks joined Lee & Associates in 2020, bringing nearly 20 years’ experience in Real Estate Development and Investment Sales with a specialization in Multifamily and Hospitality. Patrick Montelus joined Lee & Associates in 2020 as well with over 15 years experience in the commercial real estate industry focusing on Multifamily Investment Sales.
About Lee & Associates | South Florida
Lee & Associates | South Florida is a full service commercial real estate brokerage firm providing the highest level of service to South Florida’s diverse industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, a 4th generation Miami native in a family that has owned and operated commercial property in the South Florida market since 1928. Our bilingual culture allows for open communications throughout the company, fostering collaboration and information sharing. In addition, the Lee & Associates’ robust national network that sold and leased nearly $16 Billion in commercial real estate in 2019 offers clients a cross-market platform of services and expertise across all asset specialties and representation roles.
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.