42-unit Dania Beach apartment portfolio sells for $6.3 million
211 SE Park Street, one of three properties in the Dania Beach portfolio. Photo: Martin R. Gambaro.
A three-property apartment portfolio in Dania Beach, Florida, sold for $6.3 million in a transaction that closed September 15, according to Fausto Commercial. The properties contain a combined 42 units and 17,943 square feet.
Tarek Balis purchased the portfolio from Ben Damse. The buyer plans to hold the properties as a long-term multifamily investment, Haley Riggins, a spokesperson for Fausto Commercial, told CRE News Today in a September 22 email.
The properties are located at 32 SE 2nd Avenue, 211 SE Park Street and 11 SE 2nd Avenue in the Broward County city. Elior Levi, vice president of Broward multifamily at Fausto Commercial, led the transaction, the brokerage said.
The combined purchase price equates to $150,000 per unit. Individual property prices and unit counts were not provided.
Fausto announced the sale September 22. In a follow-up to the announcement, Riggins confirmed the closing date, buyer and seller names, and that the reported price, unit count and square footage represent the totals for all three properties.
Financing terms and occupancy were not disclosed in the materials provided to CRE News Today. The buyer's stated plan is to retain the apartments as an investment; no specific renovation or redevelopment plans were provided.
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