Investors pay $13M for multifamily portfolio in Fort Lauderdale, Wilton Manors

The complexes total 94 units

Miami /
Nov.November 03, 2020 09:45 AM
601-607 Northeast 29th Drive and 999 Northeast 23rd Drive (Google Maps)

601-607 Northeast 29th Drive and 999 Northeast 23rd Drive (Google Maps)

UPDATED, Nov. 4, 10:55 a.m.: A South Florida real estate investment firm bought a portfolio of six multifamily properties with 94 units for $13.1 million.

Rental Asset Management, based in Fort Lauderdale and managed by Axel Jordan and German Guzman, spent about $140,000 per apartment for the properties, according to Marcus & Millichap, which brokered the deal.

The portfolio sold at 97 percent of the collective asking price. It was on the market for 17 days and spent three months from listing to closing. Marcus & Millichap’s Joseph P. Thomas, Adam Duncan and Tyler Carbonelli brokered the deal. The buyer plans to renovate and improve the properties, Thomas told The Real Deal.

Rental Asset Management financed the purchase with a $7.6 million fixed-rate loan originated by Berkadia’s Mitch Sinberg and Matt Robbins through Fannie Mae’s multifamily DUS green loan program. The loan has a 12-year term with six years of interest only, according to a release.

The portfolio includes two properties in Wilton Manors and four in Fort Lauderdale.

The Wilton Manors properties are the 38-unit Villa Teresa at 601-607 Northeast 29th Drive and the 12-unit Flats at Five Points at 999 Northeast 23rd Drive.

The Fort Lauderdale properties are the 16-unit La Siesta at 1409-1413 North Dixie Highway, the 12-unit Holiday Park Place at 745 Northeast 15th Avenue, the 11-unit Middle River Terrace at 899 1041-1045 Northeast 15th Street, and the five-unit Lake Ridge Flats at 1040 Northeast 10th Avenue,

The sellers are companies affiliated with Maven Real Estate, run by developers Marc and Barry Schwarzberg and Jose Ortega. The sellers paid more than $5 million assembling the portfolio between 2011 and 2015, according to records. The buildings were constructed in the 1960s and 1970s.

In 2019, Ubiica LLC and Maven Real Estate paid $12 million for the AmTrust Bank office building and three adjacent lots in Coral Gables.

In March, Rental Asset Management bought the 26-unit complex known as Oak Landing & Town Square townhomes at 4002-4082 Oak Landing Drive for $228,846 per unit.

Other recent multifamily deals in Fort Lauderdale include the $13.13 million sale in March of a portfolio of apartments in Fort Lauderdale’s Victoria Park and Las Olas neighborhoods, and apartment giant AMLI Residential’s sale in September of a rental complex in Fort Lauderdale’s Flagler Village for $67.5 million.






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