The South Florida Multifamily Team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn Negotiated the Disposition of the 191-Unit Boutique Urban-Core Asset on behalf of Urban Street Development and Fazio Properties
FORT LAUDERDALE, FL, February 23, 2017 — Cushman & Wakefield has negotiated the sale of of The Queue Apartments, a 191-unit boutique urban-core multifamily community located in downtown Fort Lauderdale.
The South Florida Multifamily team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn negotiated the disposition on behalf of Urban Street Development and Fazio Properties. Miami-based Boardwalk Properties acquired the asset for $53 million ($277,487 per unit).
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. The asset was completed in 2017 and was 95 percent leased at the time of sale.
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 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.
Alan Hooper and Tim Petrillo of Urban Street Development, in partnership with Quinn Fazio Goodchild and Fred Fazio of Fazio Properties, were the development team for The Queue. Hooper Construction was the general contractor, MSA was the architect and Big Time Designs produced the award-winning design.
“At Urban Street Development, it is our objective to raise the bar of quality and design,” said Hooper. “We wanted to redefine downtown living by making The Queue an alternative to your run-of-the-mill apartment buildings. 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.”
Added Petrillo, “We sized the units to deliver a price point that is first-to-market to downtown Fort Lauderdale, while also delivering common areas that reflect the attitude of today’s young professional and what they expect in a residence.”
“We invest in specific neighborhoods where we feel there are long-term and sustained values,” said Adam Walker, Boardwalk Properties Principal. “This neighborhood, south of the New River, is quickly emerging as a cool and hip alternative to Flagler Village.”
Starting in Miami Beach, Boardwalk has grown from only eight units to over 900 units since it was first established.
“The diverse tenant mix and average income levels at the property are impressive,” noted Ballard. “It’s clear that residents of The Queue chose this community for its outstanding amenities and location.”
Said Given, “Class A properties continue to be in high demand with both private capital and institutional groups alike. We are thrilled for both the buyer and the developers. Boardwalk has added a trophy asset to their portfolio while Urban Street Development and Fazio Properties have enhanced their impressive development resume.”
The seller was represented in the transaction by attorney Peter L. Desiderio with Stearns Weaver Miller Weissler Alhadeff & Sitterson in Fort Lauderdale. The buyer’s attorney was Neil Rollnick, a partner in the Transactions Group of Hinshaw & Culbertson LLP, a national full-service law firm.
About Boardwalk Properties
Boardwalk Properties was created in vibrant Miami Beach and the surrounding tropical barrier islands. Boardwalk Properties is among the largest privately owned multifamily groups in South Florida comprising a diverse portfolio of multifamily residential buildings. Building on eight original units and growing to over 900 in just over six years time, this family owned company has diligently worked to acquire assets and stabilize them through substantial renovation. Setting their sights on diversified expansion, the group has recently transitioned into Broward County with the purchase of a 191-unit mid-rise multifamily property.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Hinshaw & Culbertson LLP
Hinshaw & Culbertson LLP is a U.S. law firm with approximately 450 attorneys located in 11 states and London. Founded in 1934, the firm has a national reputation for its insurance industry work, its representation of professionals and law firms, and its closely coordinated business advisory, transactional and litigation services. We serve clients ranging from emerging and middle-market businesses to Fortune 500 companies, as well as governmental and public sector clients. Visit www.hinshawlaw.com for more information and follow us on Twitter @hinshaw.