Fort Lauderdale apartment portfolio sells for $10M

The apartments sold for $137K per unit

Miami /
Jan.January 20, 2020 02:30 PM
John Sasso and 1020 Northeast 7th Avenue (Credit: Google Maps)

John Sasso and 1020 Northeast 7th Avenue (Credit: Google Maps)

A portfolio of apartments near Fort Lauderdale’s gentrifying Progresso Village neighborhood sold for $9.7 million.

Global Horizons Group bought the 71-unit assemblage of seven buildings on 2.3 acres of land in Lake Ridge. The addresses are 1030 Northeast 7th Avenue, 1040 Northeast 7th Avenue, 1045 Northeast 8th Avenue, 1039 Northeast 8th Avenue, 1035 Northeast 8th Avenue, 1027 Northeast 8th Avenue and 1021 Northeast 8th Avenue. The deal equates to $136,619 per unit, records show.

Privilege Apartments LLC, managed by Valentina Georgescu, sold the properties. The apartments last traded for $7.65 million in 2017, records show.

John Sasso, managing partner at The Upside Property Advisors, brokered the deal, representing both sides.

Progresso Village sits between historic Sistrunk and Flagler Village in Fort Lauderdale. The neighborhood is largely made up of single-family homes, townhouses and small apartment complexes, but developers are increasingly setting their sights on the area due to its proximity to Flagler Village, Fort Lauderdale’s arts and entertainment district.

In Progresso Village, Florida East Coast Industries is planning to build a 14-story office and retail building at 101 Northwest Third Street near the Brightline station.

Global Horizons Group is led by Guy Goldberg and Shai Yitzhaki. It was founded in 2009 and focuses on buying multi-tenant underperforming residential properties, renovating the properties and then selling them after three to five years, according to its website.


Related Articles

arrow_forward_ios
A photo illustration of 1401 Southeast 15th Street (bottom) and 1300 Northeast Third Street (top) in Fort Lauderdale (Google Maps, Getty Images)
LA investor pays $30M for aging 90-unit Fort Lauderdale rental portfolio
LA investor pays $30M for aging 90-unit Fort Lauderdale rental portfolio
From left: Alta Developers’ Raimundo Onetto, Bizzi & Partners’ Davide Bizzi, and Silverback Development's Josh Schuster with 100 Southwest Sixth Street
Alta pays $21M for downtown Fort Lauderdale multifamily dev site
Alta pays $21M for downtown Fort Lauderdale multifamily dev site
Premium Digital Control & Automation's Marc Farbstein and Fortress Anchors' Dylan Hallerberg with 52 Royal Palm Drive (LinkedIn, Google Maps)
Smart home honcho buys waterfront Fort Lauderdale home
Smart home honcho buys waterfront Fort Lauderdale home
Dev Motwani and Nitin Motwani with a rendering of 530 North Birch Road (Adache Group Architects)
Motwanis win approval to expand planned Fort Lauderdale condo project
Motwanis win approval to expand planned Fort Lauderdale condo project
Invesca Development Group’s Bernard and Michael Hsiao with the development site at 4300-4400 Northwest Ninth Court in Plantation (Invesca, Google Maps)
Invesca scores $77M construction loan for Plantation rentals
Invesca scores $77M construction loan for Plantation rentals
Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B Realty Group and Todd Rosenberg of Pebb Capital (Google Maps, LinkedIn, Pebb Capital, R&B Realty Group, Cushman & Wakefield, CBRE)
South Florida office sales falter, despite strong leasing
South Florida office sales falter, despite strong leasing
From left: Isaac Toledano, Teddy Sagi, Jorge Pérez and Michael Masanoff with a rendering of Transit Village (Related, LinkedIn, Rendering via Arquitectonica)
Pérez and Sagi’s Transit Village in WPB advances
Pérez and Sagi’s Transit Village in WPB advances
Jose Luis Zapata with 505 North Fort Lauderdale Beach Boulevard (Orchestra Hotels, Google Maps)
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...