Seattle investors buy Fort Lauderdale, Oakland Park apartment buildings for $7M

Deal breaks down to $151K per unit

1007 West Prospect Road in Fort Lauderdale and 999 West Prospect Road in Oakland Park
1007 West Prospect Road in Fort Lauderdale and 999 West Prospect Road in Oakland Park

Seattle-based investors bought three multifamily buildings with 48 units in Broward County for $7.25 million.

Schulman Properties, based in Las Vegas, Nevada, sold the two buildings at 999 West Prospect Road in Oakland Park and the building across the street at 1007 West Prospect Road in Fort Lauderdale to Delaware-registered Jass 2 LLC, records show. The deal breaks down to $151,041 per unit.

The buying entity is tied to Andrew Smith and Justin Sult of Seattle, according to Lee & Associates’ Matthew Jacocks, who represented the buyer and seller with Patrick Montelus of the same firm.

The buildings were built in the 1970s on 1.9 acres. They last traded in 2018 for $6.8 million, records show.

Schulman Properties, led by Robert Schulman and Brian Burdzinski, develops single-family homes, as well as retail, industrial, multifamily, hotel and office projects, according to its website.

The group did not develop the Broward properties, but the firm invested about $500,000 in improvements, including converting two of the buildings into market-rate apartments after they were run as a sober-living facility for about 20 years, according to Jacocks. The third building also is market-rate, although tenants get rental assistance from an outreach program, he said.

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Jacocks’ commercial real estate advisory firm, Strategic Capital Realty, based in Aventura, managed the property while Schulman was the owner, but it will not continue as manager, Jacocks said.

The combined property, which consists of all two-bedroom units, features a pool, cabanas, laundry facilities, a courtyard garden and a 74-spot parking lot, according to a news release.

Multifamily deals in Broward have been flowing in recent months and some developers are building apartments in long-overlooked Oakland Park.

In Deerfield Beach, Cortland bought the 226-unit apartment community at 67 Southwest 12th Avenue for $66 million in June; and Mesirow Financial bought a 261-unit complex at 1600-1700 East Sunrise Boulevard for $83.5 million in May.

In Oakland Park, Newrock Partners and Brickbox Development are working on a 274-unit apartment building with an adjacent garage. They scored a $67.5 million construction loan for the project in June.