The Real Deal Miami

Apartment building in downtown Fort Lauderdale hits the market

191-unit building was completed earlier this year
October 06, 2017 11:15AM

The Queue Apartments Building Inset:Robert Given

An apartment building in downtown Fort Lauderdale just hit the market and the broker predicts it could fetch up to $60 million, according to a release.

The Queue Apartments at 817 South East Second Avenue is a seven-story, 191-unit building totaling 153,963 square feet. Urban Street Development, led by Alan Hooper and Tim Petrillo, and Fazio Properties developed the building.

Records show an entity of Urban Street Development acquired 10 percent of the property in 2014 for about $194,000.

Cushman & Wakefield’s Robert Given, Troy Ballard, Zachary Sackley and James Quinn are marketing the project on behalf of the owners. Given was not immediately available for comment.

Records show developers scored a $25 million construction loan from Mutual of Omaha Bank in December 2014. The project was completed earlier this year, according to the release.

The community offers studio, one-, two- and three-bedroom units ranging from 529 square feet to 1,275 square feet. The rent for an average unit of 806 square feet is $1,930 a month or about $2.39 per square foot, according to the release.

Features include granite countertops, tiled bathrooms and high ceilings. Amenities include a courtyard pool, zen garden, clubroom lounge, two-story gym and a pet-friendly community space and dog park.

The Queue is one of various recently built multifamily projects in downtown Fort Lauderdale, including Amaray Las Olas, a 30-story luxury apartment building. Eden Multifamily, led by Jay Jacobson, is planning to build a 374-unit apartment building. – Amanda Rabines