The Real Deal Miami

Boardwalk acquires Queue Apartments in downtown Fort Lauderdale

The Miami-based company paid $53M for the 191-unit rental
February 23, 2018 09:45AM

The Queue Apartments and Robert Given

Miami-based Boardwalk Properties just paid $53 million for a recently completed apartment building in downtown Fort Lauderdale.

The 191-unit Queue Apartments at 817 South East Second Avenue traded for about $277,500 per unit. The seller is a partnership between Urban Street Development and Fazio Properties. In October, the duo began marketing the property with Cushman & Wakefield’s Robert Given, Troy Ballard, Zachary Sackley and James Quinn. The brokerage firm announced the sale.

Alan Hooper and Tim Petrillo of Urban Street Development, in partnership with Quinn Fazio Goodchild and Fred Fazio of Fazio Properties, completed the tower last year.

Records show an entity of Urban Street Development acquired a 10 percent stake in the property in 2014. The partnership scored a $25 million construction loan soon after.

MSA was the architect and Big Time Designs also participated in the project. The building has studio to 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.

Rooms have granite countertops, tiled bathrooms and high ceilings. Residents have access to a two-story gym, a courtyard pool, zen garden and a pet-friendly community space and dog park.

The Queue Apartments is nearly fully leased. Boardwalk, based in Miami Beach, owns more than 900 multifamily units, which it began amassing in since its formed in 2014.

The Queue Apartments is one of several rental buildings recently completed in downtown Fort Lauderdale, including the 30-story Amaray Las Olas. A number of others are being planned, such as Zom’s 456-unit Las Olas Walk and Silverback Development’s 35-story mixed-use rental tower. — Amanda Rabines