Schulman sells Broward apartment buildings for $ 7 million

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1007 West Prospect Road in Fort Lauderdale and 999 West Prospect Road in Oakland Park

Seattle-based investors bought three multi-family buildings with 48 units in Broward County for $ 7.25 million.

Schulman Properties, based in Las Vegas, Nevada, sold the two buildings at 999 West Prospect Road in Oakland Park and the building across the street at 1007 West Prospect Road in Fort Lauderdale to Jass 2 LLC, registered in the Delaware, according to records. The deal breaks down at $ 151,041 per unit.

The buying entity is related to Andrew Smith and Justin Sult of Seattle, according to Matthew Jacocks of Lee & Associates, who represented the buyer and seller with Patrick Montelus of the same company.

The buildings were built in the 1970s on 1.9 hectares. They were last traded in 2018 for $ 6.8 million, according to records.

Schulman Properties, led by Robert Schulman and Brian Burdzinski, develops single-family homes, as well as retail, industrial, multi-family, hotel and office projects, according to its website.

The group did not develop the Broward properties, but the company invested around $ 500,000 in improvements, including converting two of the buildings into market-priced apartments after being operated as a low-cost living facility for about 20 years old, according to Jacocks. The third building is also at market rate, although tenants get rent assistance from an outreach program, he said.

Jacocks’ commercial real estate consultancy, Aventura-based Strategic Capital Realty, managed the property while Schulman was the owner, but will not continue as manager, Jacocks said.

The combined property, which consists of all two-bedroom units, has a swimming pool, cabanas, utility room, courtyard garden and 74-space parking, according to a press release. .

Multi-family deals in Broward have been pouring in in recent months, and some developers are building apartments in long-neglected Oakland Park.

In Deerfield Beach, Cortland bought the 226-unit apartment community at 67 Southwest 12th Avenue for $ 66 million in June; and Mesirow Financial bought a 261-unit complex at 1600-1700 East Sunrise Boulevard for $ 83.5 million in May.

In Oakland Park, Newrock Partners and Brickbox Development are working on a 274 apartment building with an adjacent garage. They secured a $ 67.5 million construction loan for the project in June.


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