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Downtown Fort Lauderdale Rental Sells for $53M

The Queue Apartments, Finished Last Year, is 95% Leased
February 23, 2018
Boardwalk Properties of Miami Beach, FL paid $53 million, or nearly $277,500 per unit, for The Queue Apartments, a 4-Star rental in downtown Fort Lauderdale.

The sellers, Urban Street Development and Fazio Properties, completed the 191-unit complex at 817 SE 2nd Ave. last year. It's already 95 percent leased.

The seven-story project offers studios, one-, two- and three-bedroom units with an average rent of $1,809 a month, according to CoStar data. Amenities include a Zen garden, two-story gym, a swimming pool and dog park.

"We wanted to redefine downtown living by making The Queue an alternative to your run-of-the-mill apartment buildings," said Urban Street's Alan Hooper. "The lobby, pool lounge area, and CrossFit gym were designed to reflect a boutique hotel lifestyle targeted to the young professional. It is truly a unique property that we are very proud of."

The privately-owned Boardwalk was created in 2014 and has a portfolio of 35 multifamily buildings, including 1110 Pennsylvania Ave. in Miami Beach and 9270 E. Bay Harbor Drive in Bay Harbor Island, FL, according to its website.

"We invest in specific neighborhoods where we feel there are long-term and sustained values," Adam Walker, principal of Boardwalk, said in a statement. "This neighborhood, south of the New River, is quickly emerging as a cool and hip alternative to Flagler Village."

Jack McCabe, a housing analyst in Deerfield Beach, FL, noted that many South Florida apartment buildings were turned into condominiums to satisfy demand during the last decade's housing boom. He expects the current crop of buildings to stay as rentals because of the shift toward renting following the housing bust.

"New Class A apartment communities are still very hot commercial properties and are trading hands at exceptional prices," McCabe told CoStar News, adding that "$277,000 a unit is really excellent money, and it's fairly typical of other new apartment sales."

Cushman & Wakefield's Robert Given, Troy Ballard, Zachary Sackley and James Quinn represented the sellers. The buyer did not secure third-party representation on the sale.

Please see CoStar COMPS #4144621 for additional information on this transaction.

Paul Owers, South Florida Market Reporter  CoStar Group   
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