Ft. Lauderdale Class A Asset Trades for $53M
Urban Street Development and Fazio Properties recently completed 191-unit luxury community, which is in the city's urban core. The property was 95 percent leased at the time of the sale.
By Bogdan Odagescu
A joint venture between Urban Street Development and Fazio Properties sold The Queue, a recently built 191-unit Class A community in Fort Lauderdale, Fla. Boardwalk Properties shelled out $53 million or roughly $280,000 per unit. Cushman & Wakefield’s South Florida multifamily team worked on behalf of the seller. According to Yardi Matrix, the purchase was subject to a ten-year, $34.5 million loan originated by AIG.
Located at 817 SE Second Ave. in Fort Lauderdale’s urban core and completed in 2017, the seven-story building comprises a mix of studios and one- to three-bedroom units. The community was developed by Alan Hooper and Tim Petrillo of Urban Street Development, in partnership with Quinn Fazio Goodchild and Fred Fazio of Fazio Properties. Apartments range in size between 529 and 1,275 square feet. According to Cushman & Wakefield, the property was 95 percent leased at the time of sale.
High-end amenity package
The pet-friendly property, which offers luxury finishes and appliances, includes a courtyard pool, two-story gym, dog park, clubroom lounge, private suite for parties and business meetings as well as an electric car charging station. The community also encompasses 323 parking spaces, Yardi Matrix data shows.
“We invest in specific neighborhoods where we feel there are long-term and sustained values,” said Adam Walker, principal of Boardwalk Properties, in prepared remarks. “This neighborhood, south of the New River, is quickly emerging as a cool and hip alternative to Flagler Village.”
Cushman & Wakefield’s South Florida multifamily team representing the sellers included Vice Chairman Robert Given, Senior Managing Director Troy Ballard, Executive Managing Director Zachary Sackley and Senior Financial Analyst James Quinn. Attorney Peter Desiderio with Stearns Weaver Miller Weissler Alhadeff & Sitterson also worked on behalf of the sellers, while attorney Neil Rollnick, partner with Transactions Group of Hinshaw & Culbertson LLC, represented the buyer.
Image courtesy of Cushman & Wakefield