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