 |
| Jasmine Condominiums, Tamarac, FL |
The apartments sold for $15 million, or approximately
$68,500 per unit.
Tal
Frydman, a vice president investments in the firm’s Fort Lauderdale office,
and Derek Gibbs and Daniel Cunningham, senior associates in the
same office, represented both the seller, an Israel-based private investment
company, and the buyer, a real estate investment management group with offices
in Miami, New York and Panama.
 |
| Tal Frydman |
“The seller purchased this property from the bank in 2010
for $8.1 million,” says Frydman. “At the time, vacancy was greater than 50
percent. The seller stabilized the property and renovated the units. The new
investor, who plans to be a long-term holder, was able to arrange very
attractive financing through our lending relationships.”
“New completions in
the area have been virtually nonexistent for two years running, creating
pent-up demand that the new owner is well-positioned to leverage,” Frydman
continues. “With the metro’s vacancy rate falling 110 basis points to the
lowest year-end level in six years, this is an excellent time to invest.”
 |
| Derek Gibbs |
“Before this transaction closed, our team had 75 registered
clients sign confidentiality agreements, conducted 23 tours and received 15
offers,” Frydman concludes.
Located at 8650 NW 61st St. in Tamarac, the
175,172-square foot, 1987-built property is situated between Pine Island Road
and NW 61st Street and between West McNab Road and West Commercial Boulevard.
For a complete copy of the company’s news release, please
contact:
Public Relations
(925) 953-1716
.JPG)
