Fort Lauderdale apartment portfolio sells for $10M

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.