FORT LAUDERDALE, FlL, Aug. 2, 2011 – Institutional Property Advisors (IPA), a national brokerage platform specializing in serving the needs of institutional and major private investors, has listed an 836-unit, two-property luxury multifamily portfolio in North Lauderdale.
Combined, the Hamptons and Vinings properties (top left photo) encompass a total of 829,232 square feet. IPA is a division of Marcus & Millichap Real Estate Investment Services.
Jamie B. May (middle right photo), a senior director in the Tampa office of IPA, and Tal I. Frydman (bottom left photo), a vice president investments in the Fort Lauderdale office of Marcus & Millichap, secured the exclusive listing for these two adjacent assets. May and Frydman are representing the seller, a publicly traded company based in New York.
“The seller has decided to sell these two assets to take advantage of low cap rates within a supply constrained environment,” says May. “Both assets are almost fully occupied, further boosting their appeal to a wide array of local and out-of-state investors.”
“This is an opportune time to sell multifamily real estate in Broward County,” says May. “Transaction volume in the county continues to pick up as buyers and sellers are more willing to meet each others’ pricing expectations. Still-low interest rates, combined with broader access to financing, have pulled many investors off of the sidelines,” he adds.
“By purchasing this portfolio, both institutional and well-capitalized private investors will have the opportunity to own a large inventory of well-appointed, stabilized units that have been recently renovated,” says Frydman. “In addition, the new buyer will have the ability to raise rents once interior renovations are completed, making this an excellent valued-added opportunity.
“The North Lauderdale multifamily market continues to strengthen in spite of the current economic soft patch,” continues Frydman. “The average occupancy rate currently stands at 95 percent.”
The first property – the Hamptons – is a 668-unit luxury apartment complex with an occupancy rate of 98 percent. Located at 1400 Avon Lane, the asset has four resort-style swimming pools and two tennis courts.
The Vinings is a 168-unit luxury complex with a current occupancy rate of 99 percent. The property, located at 1200 Hampton Blvd., has a resort style swimming pool and tennis court.
The deadline for offers is Wednesday, Aug. 24.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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