FORT LAUDERDALE, Fla. (March 14, 2014) – Berger Commercial Realty announced the $1.44 million sale of a 16-unit multi-family apartment complex, known as Jasmine Court, to Madison Realty Investors, represented by Berger Commercial Realty Senior Vice President Steve Hyatt.
Victoria Park Apartments LLC sold the property, located at 816-822 N.E. 18 Ave. in the Victoria Park neighborhood of Fort Lauderdale. The complex consists of a 7,477-square-foot building and a 3,465-square-foot building for a total property size of 10,942 square feet.
“This is the second apartment complex I’ve sold recently in the southeast Fort Lauderdale submarket,” Hyatt said. “The area is a very attractive rental market with low vacancy and appreciating rents. Victoria Park is close to downtown, shopping and the beach, making it a popular choice among renters, and my client saw an attractive investment opportunity in owning this particular property at $90,000 per apartment unit.”
Madison Realty Investors (MRI) has a presence in the Southeast, Colorado and other Rocky Mountain states. Since its founding in 1998, MRI has focused on purchasing office buildings and apartment complexes.
About Berger Commercial Realty:
Founded in 1998, Berger Commercial Realty is a full service commercial real estate firm. A regional, independent and privately-owned firm, services include brokerage/tenant and buyer representation, property management, agency/project leasing, capital advisory/investment sales, construction/project management, and retail services. For more information, visit bergercommercial.com.