A Cushman & Wakefield team in South Florida closed the $53 million sale of a mid-rise apartment building in Fort Lauderdale.
The Queue Apartments is a seven-story, 191-unit apartment building on 1.6 acres at 817 SE Second Ave. west of Third Avenue between Broward and Davie boulevards.
The Queue’s developers, Urban Street Development LLC and Fazio Properties Inc., built the complex in 2017 and sold it to Miami Beach-based Boardwalk Properties FL LLC on Feb. 22.
Cushman & Wakefield Florida multifamily institutional properties group vice chairman Robert Given and South Florida multifamily investments senior director Troy Ballard, both in Fort Lauderdale, led the team to represent the sellers. South Florida multifamily team executive managing director Zachary Sackley and senior financial analyst James Quinn, both in Fort Lauderdale, also worked on the deal.
In a way, this asset is unique.
It’s the first multifamily building with market-rate apartments to rise south of the New River in recent years off the water, Ballard said.
“There’s been a few high-rises that have been developed on the south side of the river but they … are located right on the” river, he said.
But more growth and development is expected in the area south of the river and not just on the riverfront, he added.
“We think the area has solid growth prospects and that we will see additional development in the future,” he said.
Neil Rollnick, a partner at Hinshaw & Culbertson in Coral Gables who represented buyer Boardwalk, agreed that the area will grow.
His client has carved out a business plan to seek “well-designed and constructed and well-located properties to be acquired and held for long-term investment purposes,” Rollnick said in an email.
Stearns Weaver Miller Weissler Alhadeff & Sitterson shareholder Peter Desiderio in Fort Lauderdale represented the sellers.
The sale price breaks down to $277,487 per unit.
The price is sign of the building’s quality, Ballard said.
Notably, the incomes of residents in The Queue is high, Ballard said. That means residents has many options when choosing their homes and decided in favor of The Queue, Ballard said.
“It was clear we were dealing with a high-quality tenant profile, and what that indicated to us was that these residents could choose to live in some of these other high-rise or mid-rise buildings, but they were very clearly choosing to live south of the river,” Ballard said. “They very much like the high-quality nature of this asset and the character of this asset as well as the location.”
The apartment building was 95 percent leased at the time of sale. It has studios as well as one-, two- and three-bedroom units, with rents ranging between $1,500 and $3,000 a month. Units range from 529 square feet to 1,275 square feet.
Some of the features in the units are granite countertops, stainless steel appliances, 12-foot ceilings on ground-floor units and 9-foot ceilings in the rest of the units.
Amenities include a pool, a CrossFit-inspired gym, a dog park, a lounge with game tables and a bar, an outdoor grill and an electric car-charging station.
The Queue Apartments is centrally located about a half-mile south of the Broward County Courthouse and about a mile from Las Olas Boulevard.