The Real Deal Miami

Luxury Fort Lauderdale apartments trade for $11M, third sale in six years

Brokers said building keeps gaining value because there's little nearby competition

July 29, 2016 10:41AM

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Harbour Pointe

Harbour Pointe

For the third time in six years, Fort Lauderdale’s Harbour Pointe apartment building has traded hands between investors for a growing price tag.

The luxury waterfront apartments were just sold to a joint venture from New York and California for $11 million.

Located at 2201 Southeast 18th Street, the three-story building fronts a canal connected to the Intracoastal Waterway in the city’s Harbour Inlet neighborhood. With 34 units, this latest sale breaks down to about $323,529 per apartment.

The apartments were built in 1976 and were renovated in 2010 when a company led by Richard Walters, the previous owner, modernized the building’s pool, common areas, units and elevators.

After finishing up its facelift in 2010, according to county records, Walters sold the apartments for $7.65 million — a cool $2.13 million more than what he paid four years earlier.

The most recent owners — a company managed by Philippe Renaux, Anne Grun and Thomas Billette Devillemeur from Belgium — came into the picture three years ago when they paid $9.2 million for the property.

And now, the trio have sold the Harbour Pointe apartments again for a tidy $1.8 million profit over what they paid in 2013.

The sale was announced by Marcus & Millichap’s Joseph Thomas, Adam Duncan and Derek Soven, who represented the sellers.

Thomas said in a press release that one reason why Harbour Pointe is only growing in value is because the neighborhood has no other rental buildings like it. The building also boasts 350 feet of canal frontage and boat slips for rent.

He said the next step for the buyers is to place long-term debt on the property and settle in for the long haul. Since the deal has not yet been recorded in county records, the true buyers are unknown.

“In addition to continued stable cash flow and predictable future rent growth, the property offers a significant value-add opportunity through stabilizing rents, implementing utility reimbursements and adding additional income sources like tenant storage lockers,” Duncan said in the release. — Sean Stewart-Muniz