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The Real Deal Miami

A 70-unit apartment complex in Fort Lauderdale sells for $9.2M

The apartment complex spans nearly 48k sf and traded for about $194 psf
By Amanda Rabines | July 14, 2017 02:45PM

Fairmont Apartments at 1120 and 1140 Northeast Ninth Avenue

A Miami Beach-based company just bought a 70-unit Fort Lauderdale apartment complex for $9.21 million, property records show.

Fairmont Apartments, at 1120 and 1140 Northeast Ninth Avenue, contains two buildings that together span 47,496 square feet, meaning it traded for about $194 per square foot or $131,571 per unit.

Ryan Nee, Derek Gibbs, Daniel Cunningham and Evan Richardson from Marcus & Millichap’s Fort Lauderdale office represented the seller, according a press release.

The buyer is Apex Residence LLC, led by Ilan and Yael Neuwirth. Fairmont Properties Management Inc., led by Dan Tokayer, sold the property. Property records show the company bought the apartments in 2014 for $6.7 million. The building on 1120 Northeast Ninth Avenue was built in 1976, the other in 1974.

Marcus & Millichap took over sales from Madeleine Romanello of Compass.

“I brought them numerous offers and they were rejected, but [Marcus & Millichap] got a good price. It’s a great listing,” Romanello told The Real Deal. According to Romenello, the property was listed as high as $15.25 million with her.

Cunningham told TRD the property was re-priced to $9.35 million about two months ago, so it sold for close to the new asking price. He said the buyers are planning to renovate the apartment buildings, with plans to add a gym and more upscale appliances to complement the “new construction going on in Flagler Village and the surrounding area.”

Fairmont Apartments houses 67, 725-square-foot, one-bedroom and one-bathroom apartments, with an average monthly rent of $1,100. The remaining units are 1,000-square-foot, two-bedroom, two-bathroom apartment units, with an average monthly rent of $1,300, according to Cunningham.

A number of projects are underway or have been recently completed in Flagler Village, the neighborhood west of U.S. 1 and sandwiched between Broward Boulevard and Sunrise Boulevard.

The Fort Lauderdale commission recently approved a 1.35 million-square-foot mixed-use project at 300 North Andrews Avenue called FATcity, in Fort Lauderdale’s Flagler Village. The development marks the first new Class A office Fort Lauderdale will see in more than a decade.