The South Florida Multifamily Team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn Were Selected to Market the 191-Unit Boutique Urban Core Asset by Urban Street Development and Fazio Properties
FORT LAUDERDALE, FL, October 6, 2017 — Cushman & Wakefield announced today that it has been named exclusive advisor for the disposition of The Queue Apartments, a 191-unit boutique urban core multifamily community located in downtown Fort Lauderdale.
The Queue Apartments comprises a single, seven-story mid-rise building totaling 153,963 square feet. The community offers a mix of studio, one-, two- and three-bedroom units ranging in size from 529 square feet to 1,275 square feet. The average unit at The Queue Apartments is 806 square feet with an average market rent of $1,930 ($2.39 per square foot). The asset was completed earlier this year has been well-received by the market with strong leasing demand.
Units at the property are luxuriously appointed with granite countertops; high-end, wood-inspired flooring throughout living areas; stainless steel appliances; oversized doors; tiled bathrooms; 12-foot vaulted ceiling in ground-floor units and nine-foot ceilings elsewhere. The Queue Apartments’ market-leading community amenity package includes a courtyard pool; zen garden; modern, CrossFit-inspired two-story gym; a pet-friendly community space and dog park; a clubroom lounge with game tables and bar; an outdoor dining area and grill; a fireside lounge; a private entertaining suite for parties and business meetings; and electric car charging station.
The property sits on a ±1.6-acre site at 817 SE 2nd Avenue in downtown Fort Lauderdale, just steps from 5.4 million square feet of downtown office space, the new Broward County Courthouse and Las Olas Boulevard. The asset will eventually be served by two Wave Streetcar stops within 1,000 feet of the building. The Queue Apartments is also proximate to the Broward County Convention Center, Port Everglades and the Fort Lauderdale-Hollywood International Airport, all of which are expanding and fueling CBD growth.
“This is a unique property that was developed by highly successful, long-time Fort Lauderdale insiders,” said Given. “They have keenly positioned this community to be an affordable alternative to larger luxury high-rises on the river and along Las Olas and are selling this asset at nearly replacement costs. This trade could be as high as $60 million.”
Added Ballard, “The Queue’s first-to-market position secures its long-term value proposition in a neighborhood that is quickly becoming more amenitized with walkable office, retail and restaurants. Increasingly, new bars and restaurants are opening up along the Andrews Avenue corridor. This trend is expected to increase in pace as multiple major mixed-use projects are planned along this corridor expanding the downtown farther west and south.”
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